Fresh figures emerge as Nigeria’s public debt hits N166.79trn

Nigeria’s total public debt increased by N7.44 trillion between March and June 2026, reaching N166.79 trillion, according to fresh figures released by the Debt Management Office, DMO.

The latest debt position shows that Nigeria’s obligations rose from N159.35 trillion recorded at the end of the first quarter to N166.79 trillion as of June 30, 2026. Domestic borrowing accounted for the larger portion of the debt, standing at N91.59 trillion, or 54.91 percent of the total.

In dollar terms, the country’s public debt stood at $120.93 billion at the end of the second quarter. This comprised $54.52 billion in external debt and $66.41 billion in domestic debt.

The DMO said the external debt figure was converted using the Central Bank of Nigeria’s official exchange rate of N1,379.1842 to the dollar as of June 30, 2026.

Federal Government accounts for largest share

The Federal Government remained the biggest borrower, accounting for the overwhelming share of Nigeria’s total public debt.

The Federal Government’s external debt stood at N65.77 trillion, representing 39.44 percent of the country’s total debt.

States and the Federal Capital Territory, FCT, collectively accounted for N9.42 trillion in external debt, representing 5.65 percent of the overall debt stock.

On the domestic side, the Federal Government owed N87 trillion, equivalent to 52.16 percent of the total public debt, while states and the FCT accounted for N4.59 trillion, or 2.75 percent.

Overall, the Federal Government’s total debt stood at about N152.77 trillion, compared with approximately N14.01 trillion owed by states and the FCT.

The figures underline the dominant role of the Federal Government in Nigeria’s borrowing structure, particularly through domestic financing.

FGN bonds dominate domestic borrowing

FGN bonds continued to make up the largest component of the Federal Government’s domestic debt portfolio.

The outstanding value of FGN bonds stood at N64.84 trillion, representing 74.53 percent of the Federal Government’s domestic debt.

Within this category, FGN naira bonds accounted for N41.47 trillion, while securitised Ways and Means advances stood at N22.11 trillion.

The Federal Government’s domestic US dollar bond was valued at N1.27 trillion after conversion using the exchange rate applicable at the end of June.

Treasury Bills accounted for N19.48 trillion, representing 22.39 percent of FGN domestic debt.

Other instruments included FGN Sukuk worth N1.19 trillion and FGN savings bonds valued at N122.45 billion.

The Federal Government’s green bond stock stood at N47.36 billion, while promissory notes amounted to N1.22 trillion.

The promissory notes comprised N206.82 billion in naira denominated instruments and N1.01 trillion in foreign currency denominated notes. The DMO also recorded N100 billion under other instruments, specifically UFTF FGN securities.

Nigeria’s public debt had stood at N159.35 trillion as of March 31, 2026, compared with N159.28 trillion at the end of December 2025.

The latest figures also show the substantial increase in the country’s debt stock since June 2023. DMO data put total public debt at N87.38 trillion as of June 30, 2023.

Between December 2023 and December 2025, Nigeria’s external debt rose from $42.49 billion to $51.86 billion, while domestic debt increased from N59.1 trillion to N89.4 trillion.