Nigeria’s total public debt has increased slightly to N159.35 trillion as of March 31, 2026, from N159.28 trillion recorded at the end of December 2025.
The latest figure was contained in the public debt report released by the Debt Management Office (DMO), showing that the country’s debt stock increased by approximately N71.6 billion during the first quarter of 2026.
The DMO put Nigeria’s total public debt at $114.95 billion based on the exchange rate used for the reporting period. Domestic obligations accounted for 54.85 per cent of the total debt, while external debt represented 45.15 per cent.
Domestic debt stood at N87.40 trillion, equivalent to $63.05 billion, while external debt was valued at N71.95 trillion, or $51.90 billion. The DMO said it used the Central Bank of Nigeria’s official exchange rate of $1 to N1,386.2156 as of March 31, 2026, to convert the external debt stock into naira.
The Federal Government accounted for the bulk of the domestic debt, with its obligations standing at N82.88 trillion, representing 52.01 per cent of the country’s total public debt. States and the Federal Capital Territory accounted for N4.52 trillion, representing 2.84 per cent.
FGN bonds remained the largest component of the Federal Government’s domestic debt, standing at N63.45 trillion and accounting for 76.56 per cent of the domestic debt stock.
Nigerian Treasury Bills followed with N16.57 trillion, representing 19.99 per cent. FGN Sukuk stood at N1.19 trillion, while FGN Savings Bonds accounted for N116.21 billion.
Promissory Notes amounted to N1.39 trillion, comprising N300.41 billion in naira-denominated notes and N1.08 trillion in foreign currency-denominated notes. Other instruments, including the UFTF FGN Security, accounted for N100 billion.
The figures indicate that the Federal Government’s domestic borrowing remains largely concentrated in FGN bonds and Treasury Bills.
On the external side, Nigeria’s debt stock stood at $51.90 billion as of March 31, 2026, with multilateral creditors accounting for the largest share.
Multilateral debt stood at $23.86 billion, representing 45.96 per cent of the country’s external debt, with the World Bank Group accounting for a significant portion of the exposure.
Commercial debt amounted to $18.55 billion, representing 35.73 per cent of external obligations, largely reflecting the country’s Eurobond commitments.
Bilateral debt stood at $6.59 billion, accounting for 12.69 per cent, while syndicated loans amounted to $2.86 billion, representing 5.51 per cent of external debt.
Among Nigeria’s bilateral creditors, China Exim Bank accounted for $4.95 billion of the country’s obligations, while $507.52 million was owed to the China Development Bank.
The latest figures come amid growing scrutiny of Nigeria’s rising debt stock and debt servicing obligations under President Bola Tinubu’s administration.
According to previous DMO data, Nigeria’s total public debt stood at N87.38 trillion as of June 30, 2023, shortly after Tinubu assumed office.
The country’s external debt subsequently increased from $42.49 billion in December 2023 to $51.86 billion by December 2025, while domestic debt rose from N59.1 trillion to N89.4 trillion over the same period.
Nigeria’s fiscal position has also come under pressure, with the fiscal deficit rising to N13.51 trillion in 2024. The increase pushed the deficit-to-GDP ratio above the threshold permitted under the Fiscal Responsibility Act 2007.