Nigeria’s total public debt climbed to N166.79 trillion by June 30, 2026, representing a N7.44 trillion increase from the N159.35 trillion recorded three months earlier, according to the latest figures from the Debt Management Office (DMO).
The new debt stock comprises N91.59 trillion in domestic obligations, which account for 54.91 per cent of the total, while the country’s overall debt was valued at $120.93 billion in dollar terms.
The Federal Government accounted for the bulk of the liabilities, owing about N152.77 trillion, while the 36 states and the Federal Capital Territory jointly accounted for approximately N14.01 trillion. Brandspur Banking News Desk reports that the figures highlight the continued dominance of federal borrowing within Nigeria’s public debt structure.
The DMO put the Federal Government’s external debt at N65.77 trillion, equivalent to 39.44 per cent of total public debt. States and the FCT owed a combined N9.42 trillion in external obligations, representing 5.65 per cent.
Domestic borrowing made up another substantial portion of the debt stock. The Federal Government owed N87 trillion domestically, or 52.16 per cent of total public debt, while states and the FCT accounted for N4.59 trillion, representing 2.75 per cent.
FGN bonds continued to make up the largest share of the Federal Government’s domestic obligations, with N64.84 trillion outstanding. That figure represents 74.53 per cent of its domestic debt.
Other domestic instruments included Nigerian Treasury Bills, with N19.48 trillion outstanding, while FGN Sukuk stood at N1.19 trillion. Savings bonds accounted for a further N122.45 billion.
In dollar terms, the country’s total public debt stood at $120.93 billion. This consisted of $54.52 billion in external debt and $66.41 billion in domestic debt. The DMO said the external debt component was converted using the Central Bank of Nigeria’s official exchange rate of N1,379.1842 to the dollar as of June 30, 2026.
The latest figure also shows how sharply Nigeria’s public debt stock has expanded in recent years. It stood at N87.38 trillion as of June 30, 2023, meaning the reported debt level by June 2026 was substantially higher than it was three years earlier.
The increase has also been accompanied by growth in both external and domestic obligations. 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 over the same period.
For households and businesses, changes in the government’s borrowing position matter beyond the headline figure, as public finances influence the wider economic environment in which consumers, investors and companies operate. The latest DMO data therefore provides a snapshot of the scale and composition of Nigeria’s debt as of the end of June 2026.
