Nigeria’s public debt rose to N166.79 trillion by June 2026, up N7.44 trillion in three months, according to the latest Debt Management Office report.
The Debt Management Office (DMO) says Nigeria’s total public debt rose to N166.79 trillion as of June 30, 2026.
The DMO published the latest public debt portfolio report on Friday. The figure represents a 9.4 percent, or N14.39 trillion, increase from the N152.4 trillion recorded at the end of June 2025.
It also represents an increase of N7.44 trillion, or 4.7 percent, compared with the N159.35 trillion recorded at the end of the first quarter (Q1) of 2026.
Domestic vs. External Debt
According to the latest report, the debt stock comprises N91.59 trillion in domestic debt, accounting for 54.91 percent of the total debt stock, and N75.2 trillion in external debt, representing 45.09 percent.
The debt office said domestic debt increased by N11.04 trillion (13.7 percent) from N80.55 trillion recorded in June 2025. External debt also rose, by N3.35 trillion (4.7 percent), from N71.85 trillion in the same period.
Within the Federal Government’s domestic debt portfolio, FGN bonds remained the single largest instrument, with an outstanding value of N64.84 trillion, representing 74.53 percent of FGN domestic debt. Nigerian Treasury Bills came next, accounting for N19.48 trillion, or 22.39 percent. Smaller instruments made up the rest: FGN Sukuk stood at N1.19 trillion, promissory notes totalled N1.22 trillion (comprising N206.82 billion in naira-denominated notes and N1.01 trillion in foreign-currency-denominated notes), FGN savings bonds amounted to N122.45 billion, the green bond stock stood at N47.36 billion, and N100 billion was recorded under other instruments, specifically UFTF FGN securities.
Federal vs. State Debt
According to the DMO, the federal government accounted for N152.77 trillion of the total debt stock, comprising N86.99 trillion in domestic debt and N65.77 trillion in external debt.
States and the Federal Capital Territory (FCT) accounted for the remaining N14.01 trillion — N4.59 trillion in domestic debt and N9.42 trillion in external debt.
In dollar terms, the agency said Nigeria’s total public debt stood at $120.93 billion as of June 30, 2026 — up from $99.66 billion recorded in June 2025.
The DMO said the Central Bank of Nigeria (CBN) official exchange rate of N1,379.18 per dollar as of June 30 was used to convert the external debt to naira.
The Bigger Picture: Three Years of Growth
The latest figures highlight the substantial expansion of Nigeria’s public debt stock since the beginning of the Tinubu administration. DMO data put total public debt at N87.38 trillion as of June 30, 2023, meaning the June 2026 stock of N166.79 trillion is about N79.41 trillion, or 90.9 percent, higher than the level recorded three years earlier.
The composition of that debt has also shifted. At the end of 2023, domestic debt accounted for 60.74 percent of total public debt, against 39.26 percent for external debt. By June 2026, domestic debt’s share had fallen to 54.91 percent, with external debt rising to 45.09 percent, reflecting the government’s increased reliance on foreign borrowing, including Eurobond issuances, over the period.
Renewed Debate Over Borrowing
The steady rise in the debt stock has renewed debate around borrowing, debt servicing, and the value Nigerians are receiving from public spending, with debt servicing remaining a central part of the fiscal conversation, given that payments on existing obligations compete with other demands on public resources. Opposition figures, including former Vice President Atiku Abubakar, have separately criticised the pace of government borrowing in recent commentary on the state of public finances.
With public debt now at N166.79 trillion as of the end of June 2026, scrutiny of borrowing levels, debt servicing costs, and the outcomes of government spending is likely to continue as subsequent quarterly figures are released.
