The Debt Management Office (DMO) has announced that Nigeria's public debt has increased to N166.79 trillion as of June 30, 2026. This represents a significant rise of N7.44 trillion from the N159.35 trillion recorded at the end of March 2026. The new debt report highlights the country's growing financial obligations.
A breakdown of the debt shows that domestic borrowing constitutes N91.59 trillion, which accounts for 54.91% of the overall debt. In contrast, external debt stands at N75.20 trillion. In U.S. dollar terms, Nigeria's public debt was $120.93 billion at the end of the second quarter, comprising $54.52 billion in external debt and $66.41 billion in domestic debt.
The DMO used the Central Bank of Nigeria's official exchange rate of N1,379.1842 per dollar as of June 30, 2026, to calculate the external debt amount. The Federal Government is the largest borrower, holding a significant portion of Nigeria's total public debt. The Federal Government's external debt is reported at N65.77 trillion, which accounts for 39.44% of the country's total debt.
States and the Federal Capital Territory (FCT) together hold N9.42 trillion in external debt, making up 5.65% of the total debt stock. On the domestic front, the Federal Government owes N87 trillion, which is 52.16% of the total public debt. Meanwhile, states and the FCT are responsible for N4.59 trillion, or 2.75%.
In total, the Federal Government's debt amounts to about N152.77 trillion, while states and the FCT owe roughly N14.01 trillion. These numbers highlight the significant role of the Federal Government in Nigeria's borrowing system, especially through domestic financing. FGN bonds remain the largest part of the Federal Government's domestic debt portfolio.
The total value of FGN bonds is N64.84 trillion, making up 74.53% of the Federal Government's domestic debt. Within this category, FGN naira bonds are valued at N41.47 trillion, while securitized Ways and Means advances stand at N22.11 trillion. Other financial instruments include FGN Sukuk worth N1.19 trillion and FGN savings bonds valued at N122.45 billion.
The stock of green bonds issued by the Federal Government is at N47.36 billion, and promissory notes total N1.22 trillion. These promissory notes consist of N206.82 billion in naira-denominated instruments and N1.01 trillion in foreign currency-denominated notes. The DMO has also reported an additional N100 billion in other instruments, specifically UFTF FGN securities.
Key points
- Nigeria's public debt has reached N166.79 trillion as of June 30, 2026.
- Domestic borrowing accounts for 54.91% of the total debt.
- The Federal Government's debt amounts to about N152.77 trillion.
