Nigeria’s total public debt climbed to N159.35 trillion as of March 31, 2026, up from N149.39 trillion recorded in March 2025, according to the latest figures released by the Debt Management Office (DMO).
The debt stock increased by N9.96 trillion, representing a 6.67 per cent year-on-year rise. In dollar terms, however, the increase was significantly higher, with total public debt rising by 18.22 per cent from $97.24 billion to $114.95 billion over the same period.
On a quarter-on-quarter basis, total public debt rose marginally by N75.51 billion, or 0.05 per cent, from N159.28 trillion in December 2025 to N159.35 trillion in March 2026. In contrast, the dollar value of the debt increased by 3.59 per cent, from $110.97 billion to $114.95 billion.
The difference between the naira and dollar movements was largely due to exchange rate changes. The DMO used an official Central Bank of Nigeria exchange rate of N1,386.22/$ for March 2026, compared to N1,435.26/$ at the end of December 2025, reflecting a 3.42 per cent appreciation of the naira used for debt conversion.
As a result, although Nigeria’s external debt rose slightly in dollar terms, its naira value declined.
External debt stood at $51.90 billion in March 2026, an increase of just $48.05 million or 0.09 per cent from $51.86 billion in December 2025. However, its naira equivalent fell by N2.48 trillion, or 3.33 per cent, from N74.43 trillion to N71.95 trillion.
The reduction in the naira value of external debt was offset by increased domestic borrowing.
Domestic debt rose by N2.55 trillion, or 3.01 per cent, from N84.85 trillion in December 2025 to N87.40 trillion in March 2026. Consequently, domestic debt accounted for 54.85 per cent of Nigeria’s total public debt, up from 53.27 per cent three months earlier, while external debt’s share declined from 46.73 per cent to 45.15 per cent.
On a year-on-year basis, domestic debt increased by N8.64 trillion, or 10.98 per cent, from N78.76 trillion in March 2025. In comparison, external debt grew by only N1.32 trillion, or 1.87 per cent, in naira terms.
The Federal Government remained the country’s largest domestic borrower.
FGN domestic debt rose from N80.49 trillion in December 2025 to N82.88 trillion in March 2026, representing an increase of N2.39 trillion, or 2.97 per cent, within three months. Compared to N74.89 trillion recorded a year earlier, the stock increased by N7.99 trillion, or 10.67 per cent.
The Federal Government’s domestic debt alone accounted for 52.01 per cent of Nigeria’s total public debt stock as of March 2026.
Debt owed by the 36 states and the Federal Capital Territory also increased, rising by N163.25 billion, or 3.74 per cent, from N4.36 trillion in December to N4.52 trillion in March. Compared to March 2025, sub-national domestic debt rose by 16.92 per cent.
An analysis of the Federal Government’s domestic debt instruments showed that the first-quarter increase was driven mainly by Treasury Bills.
Outstanding Nigerian Treasury Bills rose by N2.71 trillion, or 19.60 per cent, from N13.85 trillion in December 2025 to N16.57 trillion in March 2026. On a yearly basis, Treasury Bills increased by 30.45 per cent.
FGN Bonds remained the largest domestic debt instrument at N63.45 trillion, accounting for 76.56 per cent of the Federal Government’s domestic debt. However, this was slightly lower than the N63.63 trillion recorded in December.
The March 2026 bond stock comprised N39.46 trillion in conventional naira bonds, N22.72 trillion in securitised Ways and Means advances, and N1.27 trillion in the domestic US dollar bond.
Other debt instruments recorded mixed performances. Sukuk remained unchanged at N1.19 trillion, while Savings Bonds rose to N116.21 billion. Green Bonds remained steady at N62.36 billion, whereas Promissory Notes declined by 10.28 per cent to N1.39 trillion.
On the external debt front, multilateral loans remained Nigeria’s largest source of foreign borrowing, standing at $23.86 billion, representing 45.96 per cent of total external debt.
The International Development Association (IDA), the World Bank’s concessional lending arm, remained Nigeria’s largest single external creditor with $18.39 billion outstanding.
Bilateral debt stood at $6.59 billion in March 2026, with China retaining its position as Nigeria’s largest bilateral creditor.
Eurobond debt remained unchanged at $18.55 billion, representing 35.74 per cent of the country’s external debt stock.
Meanwhile, the Federal Government has increased its 2026 borrowing plan to N29.20 trillion, up from the earlier N17.89 trillion projection contained in the 2026 Abridged Budget Call Circular issued by the Federal Ministry of Budget and Economic Planning.
