… Domestic Obligations Account For Nigeria’s Debt
….Total Debt Rises 4.7% Between March, June
….FG Shoulders N152.77tn Burden
Daud Olatunji
Nigeria’s total public debt stock surged by N7.44tn within three months, rising from N159.35tn at the end of March to N166.79tn as of June 30, 2026, the latest figures from the Debt Management Office have shown.
The increase represents a 4.7 per cent rise between the first and second quarters of 2026, underlining the continued expansion of the country’s debt obligations.
The DMO disclosed this in its latest Public Debt Portfolio Report, released on Friday.
The debt stock also rose substantially on a year-on-year basis, increasing by N14.39tn, or 9.4 per cent, from N152.40tn recorded as of June 30, 2025.
The latest figures showed that domestic borrowing remained the larger component of Nigeria’s debt profile, accounting for more than half of the total obligations.
According to the DMO, domestic debt stood at N91.59tn, representing 54.91 per cent of the total debt stock, while external debt stood at N75.20tn, accounting for the remaining 45.09 per cent.
The domestic component recorded a particularly sharp year-on-year increase, rising by N11.04tn, or 13.7 per cent, from N80.55tn in June 2025.
External debt, meanwhile, increased by N3.35tn, or 4.7 per cent, from N71.85tn recorded during the corresponding period in 2025.
….FG Accounts For Bulk Of Debt
A breakdown of the latest figures showed that the Federal Government accounted for the overwhelming share of Nigeria’s public debt.
The DMO put the Federal Government’s total debt at N152.77tn, comprising N86.99tn in domestic debt and N65.77tn in external obligations.
States and the Federal Capital Territory accounted for the remaining N14.01tn.
The sub-national debt comprised N4.59tn in domestic debt and N9.42tn in external debt, according to the debt office.
The figures mean that Federal Government obligations accounted for the vast majority of the country’s N166.79tn total public debt stock as of the end of June.
...Debt Hits $120.93bn
In dollar terms, Nigeria’s total public debt stood at $120.93bn as of June 30, 2026, compared with $99.66bn recorded at the end of June 2025.
The DMO explained that the external debt component was converted to naira using the Central Bank of Nigeria’s official exchange rate of N1,379 to the dollar as of June 30, 2026.
The latest debt figures come against the backdrop of continued government borrowing to finance public expenditure and meet fiscal obligations.
Debt servicing costs and the broader cost of financing have remained significant issues in discussions about Nigeria’s fiscal position, particularly as the country’s debt stock continues to expand.
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