Nigeria’s public debt stood at $97.23 billion or N149.39 trillion as of the end of March 2025.

This is according to the latest data from the Debt Management Office (DMO), which covers the nation’s debt up to March 31, 2025.

The latest figure represents a 22.8% yearly growth amounting to N27.72 trillion, up from the N121.67 trillion recorded as of March 31, 2024.

The federal government alone has a public debt of $48.745 billion (or N74.89 trillion), while the state government and FCT have debts amounting to $2.52 billion (or N3.869 trillion).

Amid the surge in debt, the Debt Management Office lists Nigeria’s biggest creditor.

Foreign debts rise to N70.63 trillion ($46 billion)

Nigeria’s foreign debts as of March 31, 2025, are $45.975 billion or N70.63 trillion using the prevailing exchange rate.

Recall that as of September 30, 2024, Nigeria’s foreign debt was N68.8 trillion ($43 billion), while domestic debt was N73.4 trillion ($45.8 billion).

Here are the countries and institutions Nigeria owes, according to the DMO data.

For bilateral debts, Nigeria has about $6.7 billion to pay, with China and France being the biggest creditors, owing $5.16 billion and $609 million, respectively.

Other countries owed include Germany, Japan, and India.

Nigeria's other creditors include:

World Bank - $18.3 billion

Islamic Development Bank (IsDB)

African Development Bank (AfDB) - $3.5 billion

AFC-arranged syndicated loans - $133.6 million

Eurobonds - $17.32 billion

Nigeria’s domestic debt rises to N78.7 trillion The DMO data also shows that total domestic debt has reached N78.76 trillion as of March 31, 2025. This includes:

FGN Bonds (Naira & USD) - N59.8 trillion

Nigerian Treasury Bills - N12.7 trillion

Promissory Notes - N1.301 trillion

FGN Sukuk bonds - N992.6 billion

FGN Savings Bonds - N82.6 billion

FGN Green Bonds - N15 billion

Every Nigerian owes N653k

Compared to the last quarter ended December 31, 2024, Nigeria's total debt is up by N4.72 trillion, marking a 3.3% growth in three months.

With the current Nigerian population estimated at 227.9 million, the debt could amount to N653,795.52 per Nigerian.

Nigeria is currently rated among the highest indebted African countries by the World Bank.