UTELNOVA

Nigeria’s total public debt has risen to N166.79 trillion, increasing by N7.44 trillion between March and June 2026 and raising fresh concerns over the country’s growing debt burden.

The latest figure was contained in a report released by the Debt Management Office (DMO) on Friday.

The DMO said the debt stock rose from N159.35 trillion at the end of the first quarter of 2026 to N166.79 trillion as of June 30, representing a 4.7 per cent increase in three months.

Compared with the N152.4 trillion recorded in June 2025, the latest figure represents an increase of N14.39 trillion, or 9.4 per cent. 

The debt comprises N91.59 trillion in domestic debt, representing 54.91 per cent of the total, and N75.2 trillion in external debt, accounting for the remaining 45.09 per cent.

The DMO said domestic debt increased by N11.04 trillion, or 13.7 per cent, from N80.55 trillion in June 2025, while external debt rose by N3.35 trillion, or 4.7 per cent, from N71.85 trillion over the same period.

The Federal Government carries most of the debt burden, accounting for N152.77 trillion, comprising N86.99 trillion in domestic debt and N65.77 trillion in external debt.

States and the Federal Capital Territory account for the remaining N14.01 trillion, made up of N4.59 trillion in domestic debt and N9.42 trillion in external debt.

FGN Bond

FGN bonds remained the largest component of the Federal Government’s domestic debt, with N64.84 trillion outstanding.

This includes N41.47 trillion in FGN Naira bonds, N22.11 trillion in securitised Ways and Means advances and N1.27 trillion in FGN domestic US dollar bonds converted to naira.

Nigerian Treasury Bills accounted for another N19.48 trillion.

Other instruments include FGN Sukuk, promissory notes, savings bonds, green bonds and other FGN securities.

The latest increase follows a relatively marginal rise in the country’s debt stock during the first quarter, when total public debt moved from N159.28 trillion in December 2025 to N159.35 trillion in March 2026.

The new DMO figures put Nigeria’s public debt significantly above the N87.38 trillion recorded in June 2023, shortly after President Bola Tinubu assumed office.