Nigeria’s total public debt rose marginally to N159.35 trillion as of March 31, 2026, fromN159.28 trillion at the end of December 2025.

This is according to the latest data from the Debt Management Office (DMO).

The DMO’s latest public debt report showed that the total debt portfolio increased by about N71.6 billion during the first quarter of 2026.

The increase was driven by both external and domestic obligations, with domestic debt accounting for 54.85% of the total portfolio, while external debt represented 45.15%.

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What the data is saying

Nigeria’s total public debt stood at N159.35 trillion as of March 31, 2026, equivalent to $114.95 billion using the exchange rate applied by the DMO.

  • External debt stood at $51.90 billion, equivalent to N71.95 trillion, representing 45.15% of total public debt.
  • Domestic debt stood at $63.05 billion, equivalent to N87.40 trillion, accounting for 54.85% of the total.
  • Federal Government domestic debt accounted for N82.88 trillion, or 52.01% of total public debt, while states and the Federal Capital Territory accounted for N4.52 trillion, or 2.84%.

The DMO said the Central Bank of Nigeria’s official exchange rate of US$1/N1,386.2156 as of March 31, 2026 was used to convert the external debt stock into naira.

More Insights

The composition of the Federal Government’s domestic debt shows that FGN bonds remained the largest component at N63.45 trillion, representing 76.56% of total FGN domestic debt.

  • Nigerian Treasury Bills accounted for N16.57 trillion, representing 19.99% of the domestic debt stock.
  • FGN Sukuk stood at N1.19 trillion, while FGN Savings Bonds accounted for N116.21 billion.
  • Promissory Notes amounted to N1.39 trillion, including N300.41 billion in naira-denominated promissory notes and N1.08 trillion in foreign currency-denominated promissory notes.
  • Other instruments, including the UFTF FGN Security, accounted for N100 billion.

The data shows that the Federal Government’s domestic borrowing remains heavily concentrated in FGN bonds and Treasury Bills.

  • Nigeria’s external debt stock stood at $51.90 billion as of March 31, 2026, with multilateral creditors accounting for the largest share of the portfolio.
  • Multilateral debt stood at $23.86 billion, representing 45.96% of total external debt, with the World Bank Group accounting for a significant portion.
  • Commercial debt stood at $18.55 billion, representing 35.73%, largely reflecting Eurobond obligations.
  • Bilateral debt stood at $6.59 billion, or 12.69% of external debt, while syndicated loans accounted for $2.86 billion, representing 5.51%.

The largest bilateral exposures included $4.95 billion owed to China Exim Bank and $507.52 million owed to China Development Bank.

What you should know

Nigeria’s public debt and debt servicing obligations have risen sharply under the current administration of President Bola Tinubu.

According to the DMO data,total public debt stood at N87.38 trillion as of June 30, 2023, shortly after Tinubu assumed office.

Nigeria’s total external debt rose from $42.49 billion in December 2023 to $51.86 billion by December 2025, while domestic debt increased from N59.1 trillion to N89.4 trillion within the same period.

The fiscal deficit for 2024 rose sharply to N13.51 trillion, pushing the deficit-to-GDP ratio above the legal threshold permitted under the Fiscal Responsibility Act 2007.