Nigeria’s total public debt climbed to N166.79 trillion as of June 30, 2026, representing a N7.44 trillion increase within three months, according to the latest figures released by the Debt Management Office (DMO).
The new figure represents a 4.7 per cent rise from the N159.35 trillion recorded at the end of the first quarter of 2026.
The latest debt position also shows an increase of N14.39 trillion, or 9.4 per cent, compared with the N152.4 trillion recorded in June 2025.
Domestic debt accounts for larger share
The DMO’s latest report shows that domestic obligations make up the larger portion of Nigeria’s total debt.
As of the end of June, domestic debt stood at approximately N91.59 trillion, accounting for 54.91 per cent of the overall debt stock.
External debt, meanwhile, stood at N75.20 trillion, representing the remaining 45.09 per cent.
The figures indicate that both components of Nigeria’s debt portfolio increased compared with their positions a year earlier.
Domestic and external obligations rise
According to the DMO, domestic debt increased by about N11.04 trillion, or 13.7 per cent, from N80.55 trillion recorded in June 2025.
External obligations also moved higher during the same period, rising by approximately N3.35 trillion, or 4.7 per cent, from N71.85 trillion.
The increase in the overall debt stock therefore reflects growth in both domestic and foreign obligations, although domestic debt recorded the larger naira increase.
Federal Government holds bulk of debt
The Federal Government remains responsible for the largest portion of the country’s public debt.
The DMO put the Federal Government’s total obligations at N152.77 trillion, consisting of N86.99 trillion in domestic debt and N65.77 trillion in external debt.
State governments and the Federal Capital Territory accounted for the remaining N14.01 trillion.
Their combined figure comprises approximately N4.59 trillion in domestic obligations and N9.42 trillion in external debt.
The distribution highlights the substantially larger share of the federal government in Nigeria’s overall public debt portfolio.
Nigeria’s debt also rises in dollar terms
The latest DMO figures also provide a dollar-denominated view of the country’s obligations.
Nigeria’s total public debt stood at about $120.93 billion as of June 30, 2026, compared with $99.66 billion recorded a year earlier.
The external debt component was converted into naira using the Central Bank of Nigeria’s official exchange rate of approximately N1,379 per US dollar at the end of June.
The dollar figure provides another measure of the country’s outstanding obligations, although movements in the naira exchange rate can affect the naira value assigned to foreign-denominated debt.
Debt figures renew borrowing debate
The latest figures are likely to add to ongoing discussions about Nigeria’s borrowing requirements, debt management and government spending.
The increase comes as the Federal Government continues to rely on borrowing as part of its broader approach to financing government expenditure and managing fiscal obligations.
The debt figures have also attracted political commentary. Former Vice President Atiku Abubakar, for example, criticised what he described as excessive borrowing and called for greater transparency over Nigeria’s debt accumulation and repayments. His comments were political criticism of the government’s approach and do not alter the DMO’s reported figures.
What the latest figure means
Nigeria’s public debt position has continued to change as the government, states and the FCT manage their respective financial obligations.
The latest N166.79 trillion figure represents the country’s combined public debt stock as of June 30 and does not mean that the entire amount was borrowed during the three months leading to June.
Rather, the N7.44 trillion quarterly increase reflects the change in the total outstanding debt position between the end of March and the end of June 2026.
With domestic debt now accounting for more than half of the total portfolio, the latest report places renewed attention on how Nigeria manages its borrowing, repayment obligations and future financing needs.
The DMO’s figures will likely remain an important reference point in discussions about the country’s fiscal position as policymakers consider how to finance government programmes while managing the rising public debt stock.
