Federal Government accounts for N152.77tn of total obligations as DMO data show continued rise in debt stock……
Nigeria’s public debt stock has climbed to N166.79 trillion, with domestic borrowing now accounting for more than half of the country’s total obligations, according to the latest figures from the Debt Management Office.
The debt stood at N166.79 trillion as of June 30, 2026, with domestic debt making up N91.59 trillion, or 54.91 per cent of the total.
In dollar terms, the DMO put the country’s total public debt at $120.93 billion. This comprises $54.52 billion in external debt and $66.41 billion in domestic obligations.
For its dollar conversion, the debt office used the Central Bank of Nigeria’s official exchange rate of N1,379.1842 to the dollar as of June 30.
The figures also underline the Federal Government’s dominant position in Nigeria’s debt structure.
The Federal Government of Nigeria accounted for about N152.77 trillion of the total debt, while the 36 states and the Federal Capital Territory collectively owed approximately N14.01 trillion.
Of the Federal Government’s obligations, external debt stood at N65.77 trillion, equivalent to 39.44 per cent of the country’s overall debt stock.
States and the FCT, by comparison, accounted for N9.42 trillion in external obligations, representing 5.65 per cent of the total.
On the domestic side, the Federal Government owed N87 trillion, or 52.16 per cent of the overall public debt, while states and the FCT accounted for another N4.59 trillion, representing 2.75 per cent.
A breakdown of the Federal Government’s domestic obligations shows that FGN bonds remain by far the largest component.
The DMO put outstanding FGN bonds at N64.84 trillion, representing 74.53 per cent of the Federal Government’s domestic debt.
Within that figure, FGN naira bonds accounted for N41.47 trillion, while securitised Ways and Means advances stood at N22.11 trillion.
The government’s outstanding domestic dollar-denominated bond was valued at N1.27 trillion after conversion using the exchange rate applicable at the end of June.
Treasury bills were the next major component, with N19.48 trillion outstanding, accounting for 22.39 per cent of the Federal Government’s domestic debt.
Other instruments made up smaller portions of the portfolio. FGN Sukuk stood at N1.19 trillion, while savings bonds amounted to N122.45 billion.
The Federal Government’s green bond stock was N47.36 billion, while promissory notes stood at N1.22 trillion.
The promissory notes included N206.82 billion in naira-denominated instruments and N1.01 trillion in foreign-currency-denominated notes.
The DMO also recorded N100 billion under other instruments, identified as UFTF FGN securities.
Debt continues to rise
The latest figures represent another increase in Nigeria’s public debt stock.
At the end of December 2025, total public debt stood at N159.28 trillion. By March 31, 2026, the figure had risen to about N159.35 trillion.
The longer-term trend is more pronounced.
According to DMO data, Nigeria’s total public debt was N87.38 trillion as of June 30, 2023, shortly after President Bola Tinubu took office.
External debt has also increased over the period. It rose from $42.49 billion in December 2023 to $51.86 billion by December 2025.
Domestic debt, meanwhile, moved from N59.1 trillion to N89.4 trillion over the same period.
The latest June figures place the overall debt stock even higher, with domestic borrowing continuing to account for the larger share of Nigeria’s public debt.
The figures come as the government continues to rely on borrowing to finance its fiscal obligations, placing renewed attention on the size and composition of Nigeria’s debt portfolio.
