Nigeria’s public debt rises to N159.35 trillion in Q1 2026

Nigeria's total public debt climbed to N159.35 trillion by March 31, 2026, marking a slight increase from N159.28 trillion at the end of December 2025, according to the Debt Management Office (DMO). The DMO noted a rise of approximately N71.6 billion in the first quarter of 2026, fueled by external and domestic obligations. Domestic debt accounted for 54.85% of the total portfolio, while external debt comprised 45.15%.

The Federal Government's debt composition revealed that FGN bonds constituted the largest portion at N63.45 trillion, or 76.56%. The report also highlighted significant bilateral debt obligations, including $4.95 billion owed to China Exim Bank and $507.52 million to China Development Bank. Public debt and servicing costs have surged under President Bola Tinubu's administration.

As of June 30, 2023, Nigeria's total public debt was N87.38 trillion, compared to N159.35 trillion as of March 2026. The fiscal deficit for 2024 expanded sharply to N13.51 trillion, surpassing the legal threshold set by the Fiscal Responsibility Act 2007.