Nigeria’s total public debt has increased to N166.79 trillion as of June 30, 2026, representing a rise of N7.44 trillion within three months, according to the latest figures released by the Debt Management Office, DMO.
The new figure represents an increase of about 4.7 percent from the N159.35 trillion recorded at the end of March 2026, as the country’s debt obligations continued to grow during the second quarter of the year.
The latest public debt position covers the obligations of the Federal Government, the 36 states and the Federal Capital Territory. According to the DMO, domestic debt accounted for the larger portion of the country’s total obligations, standing at N91.59 trillion, or 54.91 percent of the total public debt.
External debt accounted for the remaining portion, putting Nigeria’s foreign currency related obligations at approximately N75.20 trillion when converted to naira.
In dollar terms, Nigeria’s total public debt stood at $120.93 billion as of June 30, 2026. This comprised $66.41 billion in domestic debt and $54.52 billion in external debt. The DMO used the Central Bank of Nigeria’s official exchange rate of N1,379.1842 to the United States dollar as of June 30 to convert the foreign currency obligations into naira.
The Federal Government remains responsible for the overwhelming majority of Nigeria’s public debt. Its total obligations stood at N152.77 trillion, accounting for about 91.6 percent of the country’s total public debt.
The Federal Government’s debt position consisted of N86.99 trillion in domestic debt and N65.77 trillion in external debt. Meanwhile, the 36 states and the Federal Capital Territory collectively owed N14.01 trillion.
The combined obligations of the states and the FCT included N4.59 trillion in domestic debt and N9.42 trillion in external debt, highlighting the significantly larger contribution of the Federal Government to the country’s overall debt stock.
Federal Government bonds continued to dominate the domestic debt portfolio. Outstanding FGN bonds stood at approximately N64.84 trillion, accounting for about 74.53 percent of the Federal Government’s domestic debt.
Nigerian Treasury Bills also remained a major component, with outstanding obligations of N19.48 trillion, representing about 22.39 percent of Federal Government domestic debt.
Other domestic instruments included FGN Sukuk, promissory notes, FGN savings bonds and green bonds, although their individual values were considerably smaller compared with conventional government bonds and Treasury Bills.
The latest figures also provide a broader picture of how Nigeria’s public debt stock has changed over recent years. As of June 30, 2023, the DMO had placed the country’s total public debt at N87.38 trillion. By June 2026, the figure had risen to N166.79 trillion, representing an increase of approximately N79.41 trillion, or about 90.9 percent, over the three year period.
However, the increase in the naira value of the debt stock should not automatically be interpreted as meaning that the entire increase represents fresh borrowing. Nigeria’s external obligations are denominated in foreign currencies, meaning movements in the exchange rate can significantly affect their naira value when the DMO converts the figures for reporting purposes.
The size of the debt stock also does not, by itself, determine whether Nigeria’s borrowing position is sustainable. Debt sustainability depends on several factors, including the country’s revenue generation, economic growth, interest rates, debt servicing costs, maturity periods and the terms attached to new and existing loans.
How borrowed funds are deployed is another important consideration because borrowing for productive investments that generate economic returns can have different long term implications from borrowing that primarily finances recurrent expenditure.
The latest DMO figures nevertheless confirm that Nigeria’s public debt continued to increase during the second quarter of 2026, with domestic obligations accounting for more than half of the total debt stock.
The rise comes as the Federal Government continues to rely on a combination of domestic and external financing to support government programmes and meet its fiscal obligations.
With total public debt now standing at N166.79 trillion, attention is likely to remain focused on the government’s revenue mobilisation efforts, borrowing plans and strategies for managing debt servicing costs.
For Nigerian households and businesses, the broader significance of the debt figures will ultimately depend not only on how much the government owes, but also on how effectively public resources are managed, how much revenue is generated to meet obligations and whether borrowed funds contribute to economic activity and infrastructure development.
The DMO’s June 30, 2026 figures therefore provide the latest official snapshot of Nigeria’s public debt position, showing an increase from N159.35 trillion recorded three months earlier and confirming that the country’s debt management and fiscal position remain important issues in the Nigerian economy.
