Nigeria's public debt hits N159.35tn in Q1 2026, DMO says
By Aboki Forex —
Nigeria's total public debt rose to N159.35 trillion as of March 31, 2026, from N159.28 trillion at the end of December 2025. The Debt Management Office (DMO) put the increase at about N71.6 billion in the first quarter of 2026.
The rise was driven by both external and domestic obligations. Domestic debt accounted for 54.85% of the total portfolio, while external debt represented 45.15%.
How the debt is split
Nigeria's total public debt stood at N159.35 trillion as of March 31, 2026, equivalent to $114.95 billion using the DMO exchange rate. External debt was $51.90 billion, or N71.95 trillion, representing 45.15% of total public debt. Domestic debt was $63.05 billion, or N87.40 trillion, accounting for 54.85%.
The DMO said it used the Central Bank of Nigeria's official exchange rate of US$1/N1,386.2156 as of March 31, 2026 to convert external debt into naira.
Domestic debt is mostly bonds and T-bills
Federal Government domestic debt stood at N82.88 trillion, or 52.01% of total public debt. States and the Federal Capital Territory accounted for N4.52 trillion, or 2.84%.
FGN bonds remained the largest component of Federal Government domestic debt at N63.45 trillion, representing 76.56% of total FGN domestic debt. Nigerian Treasury Bills stood at N16.57 trillion, or 19.99%. FGN Sukuk was 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 notes and N1.08 trillion in foreign currency-denominated notes. Other instruments, including the UFTF FGN Security, accounted for N100 billion.
External debt: multilateral creditors lead
Nigeria's external debt stock stood at $51.90 billion as of March 31, 2026. Multilateral creditors accounted for the largest share, with $23.86 billion, representing 45.96% of total external debt. The World Bank Group accounted for a significant portion of that.
Commercial debt stood at $18.55 billion, or 35.73%, largely reflecting Eurobond obligations. Bilateral debt was $6.59 billion, or 12.69%. Syndicated loans accounted for $2.86 billion, or 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 the data means for the economy
Nigeria's public debt and debt servicing obligations have risen sharply under President Bola Tinubu's administration. Total public debt stood at N87.38 trillion as of June 30, 2023, shortly after Tinubu assumed office. 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 in the same period.
The 2024 fiscal deficit rose sharply to N13.51 trillion, pushing the deficit-to-GDP ratio above the legal threshold under the Fiscal Responsibility Act 2007. With debt servicing consuming a growing share of revenue, pressure on government finances and the naira is likely to remain.