May 5, 2026/Coronation Report

Summary 

Nigeria’s National Bureau of Statistics (NBS) released the Nigerian Domestic and Foreign Debt Report for Q4 2025, revealing a total public debt stock of N159.28 trn($110.97 bn), a 3.90% increase from N153.29 trn in Q3 2025, and N14.6 trn above the N144.67 trn recorded in Q4 2024.

On the surface, the numbers appear relatively reassuring, though may not fully reflect the underlying reality. Nigeria’s debt-to-GDP ratio which stood at 39.3% in 2024, remains well below the IMF’s 55% distress threshold, and the IMF’s April 2026 Fiscal Monitor projects a further decline to 32.3% by 2026. Yet the headline ratio tells an incomplete story….

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