Nigeria’s public debt hits N159.3trn — up by N9.9trn in one year

The Debt Management Office (DMO) says Nigeria’s total public debt rose to N159.35 trillion as of March 31, 2026.

The record, according to the DMO’s latest public debt portfolio report, represents a 6.7 percent or N9.96 trillion increase from N149.39 trillion recorded at the end of the first quarter (Q1) of 2025.

However, the figure was almost unchanged when compared with the N159.28 trillion recorded at the end of December 2025.

On a quarter-on-quarter basis, public debt increased by about N75.51 billion, representing a 0.05 percent rise.

The latest debt stock comprises N87.4 trillion in domestic debt, accounting for 54.85 percent of the total debt stock, and N71.95 trillion in external debt, representing 45.15 percent.

Domestic debt increased by N8.64 trillion, or 11 percent, from N78.76 trillion in March 2025.

The DMO said external debt rose by N1.32 trillion, or 1.9 percent, from N70.63 trillion recorded in Q1 of 2025.

Compared with December 2025, domestic debt rose by N2.55 trillion, or 3 percent, from N84.85 trillion, while external debt declined by N2.48 trillion, or 3.3 percent, from N74.43 trillion.

The agency noted that the federal government accounted for N82.88 trillion of the domestic debt, while states and the federal capital territory (FCT) accounted for N4.52 trillion.

In dollar terms, Nigeria’s total public debt stood at $114.95 billion as of March 31, 2026, compared with $97.24 billion in March 2025.

The DMO said the Central Bank of Nigeria (CBN) official exchange rate of N1,386.2156 per dollar as of March 31, 2026, was used to convert the external debt to naira.

On March 31, the national assembly approved President Bola Tinubu’s $6 billion external borrowing request. (TheCable)