Author: Gist Correspondent

Nigeria’s total public debt rose to N166.79 trillion as of June 30, 2026, representing an increase of N7.44 trillion within three months, according to the latest figures released by the Debt Management Office (DMO).

The debt stock increased from N159.35 trillion at the end of March 2026, representing a quarter-on-quarter rise of about 4.7 per cent.

Domestic debt accounted for N91.59 trillion, representing 54.91 per cent of the total, while external debt stood at N75.20 trillion, or 45.09 per cent.

In dollar terms, Nigeria’s total public debt was put at $120.93 billion, comprising $66.41 billion in domestic debt and $54.52 billion in external obligations.

The Federal Government of Nigeria (FGN) accounted for the bulk of the debt at N152.77 trillion, representing about 91.6 per cent of the total public debt stock.

The FGN’s external debt stood at N65.77 trillion, while its domestic debt was N87 trillion.

States and the Federal Capital Territory (FCT) accounted for the remaining N14.01 trillion, comprising N9.42 trillion in external debt and N4.59 trillion in domestic debt.

The figures show that domestic borrowing remains the larger component of Nigeria’s public debt, with government securities accounting for most of the Federal Government’s domestic obligations.

FGN bonds accounted for N64.84 trillion, or 74.53 per cent, of the Federal Government’s N87 trillion domestic debt.

Of the bond portfolio, FGN Naira bonds stood at N41.47 trillion, while securitised Ways and Means advances amounted to N22.11 trillion.

The outstanding FGN domestic US-dollar bond was valued at N1.27 trillion, based on the exchange rate as of June 30, 2026.

Nigerian Treasury Bills accounted for another N19.48 trillion, representing 22.39 per cent of the FGN’s domestic debt.

Other domestic instruments included FGN Sukuk at N1.19 trillion, savings bonds at N122.45 billion, green bonds at N47.36 billion and promissory notes at N1.22 trillion.

The promissory notes comprised N206.82 billion in naira-denominated instruments and N1.01 trillion in foreign-currency-denominated notes, while UFTF FGN securities accounted for another N100 billion.

The latest figures also show a substantial increase in the naira value of Nigeria’s public debt since June 2023.

According to the DMO, total public debt stood at N87.38 trillion as of June 30, 2023. The June 2026 figure therefore represents an increase of N79.41 trillion, or about 90.9 per cent, over three years.

The DMO, however, noted that changes in the naira value of the debt stock do not necessarily represent new borrowing, as exchange-rate movements can significantly affect the naira value of foreign-currency-denominated debt.

The composition of the debt portfolio has also changed over the period. Domestic debt accounted for 60.74 per cent of total public debt at the end of 2023, compared with 54.91 per cent in June 2026, while the share of external debt rose from 39.26 per cent to 45.09 per cent.

The latest DMO release was accompanied by separate data on FGN domestic debt service, external debt service and the debt stocks of states and the FCT, providing additional details on Nigeria’s debt obligations and financing structure.