Nigeria’s Debt Stock Grows 90.9% In 3 Years As Borrowing Hits N166.79trn

By:Onifade Samuel

Nigeria’s total public debt stock has risen to ₦166.79 trillion, representing a 90.9 per cent increase from the ₦87.38 trillion recorded in June 2023, as the country’s borrowing continues to expand.

The latest figures from the Debt Management Office (DMO) show that Nigeria’s total public debt stood at ₦166.79 trillion as of June 30, 2026, up by ₦7.44 trillion from the ₦159.35 trillion recorded at the end of the first quarter of 2026.

The latest debt stock comprises both domestic and external obligations. Domestic debt accounted for ₦91.59 trillion, representing 54.91 per cent of the total, while the remaining portion was external debt.

In dollar terms, the DMO valued Nigeria’s total public debt at approximately $120.93 billion, made up of $66.41 billion in domestic debt and $54.52 billion in external debt. The external component was converted using the Central Bank of Nigeria’s official exchange rate of ₦1,379.1842 to the dollar as of June 30, 2026.

The Federal Government remains the largest borrower, accounting for approximately ₦152.77 trillion of the total debt stock. States and the Federal Capital Territory (FCT), meanwhile, accounted for about ₦14.01 trillion.

A breakdown of the Federal Government’s obligations shows that its external debt stood at ₦65.77 trillion, while domestic debt amounted to ₦87 trillion.

Federal Government bonds remained the largest component of its domestic debt portfolio, with outstanding obligations of ₦64.84 trillion, representing 74.53 per cent of FGN domestic debt.

This included ₦41.47 trillion in FGN naira bonds and ₦22.11 trillion in securitised Ways and Means advances. Nigerian Treasury Bills accounted for another ₦19.48 trillion.

Other domestic instruments included FGN Sukuk valued at ₦1.19 trillion, promissory notes of ₦1.22 trillion, savings bonds of ₦122.45 billion and green bonds worth ₦47.36 billion.

The latest increase also means that Nigeria’s public debt has almost doubled in naira terms over the three years since June 2023, when the debt stock stood at ₦87.38 trillion.

The development places renewed attention on the country’s borrowing pattern, the cost of servicing existing obligations and how borrowed funds are deployed to support economic activity and public spending.

The DMO continues to publish Nigeria’s debt position quarterly, providing updates on the country’s domestic, external and sub-national debt obligations.