Nigeria's total public debt climbed to N159.35 trillion as of March 31, 2026, according to the latest figures released by the Debt Management Office (DMO).
The new data shows that the country's debt increased by N9.96 trillion, or 6.67 percent, compared to N149.39 trillion recorded in March 2025. In dollar terms, the debt stock rose to $114.95 billion, reflecting an 18.22 percent increase over the same period.
Although the year-on-year rise was significant, the increase between December 2025 and March 2026 was relatively small, with total public debt growing by just N75.51 billion. However, in dollar terms, the debt expanded by $3.98 billion, largely due to changes in exchange rate calculations.
The DMO attributed the difference to the appreciation of the official exchange rate used to convert external debt into naira, which reduced the naira value of foreign loans despite a slight increase in the actual dollar-denominated debt.
Nigeria's external debt stood at $51.90 billion in March 2026, while its naira value declined to N71.95 trillion. Meanwhile, domestic debt increased to N87.40 trillion, accounting for 54.85 percent of the country's total debt portfolio.
The Federal Government remained the country's largest borrower, with domestic debt rising to N82.88 trillion. Treasury Bills recorded the biggest increase, growing by nearly 20 percent within three months, while Federal Government Bonds remained the largest domestic debt instrument at N63.45 trillion.
On the external front, multilateral loans remained Nigeria's largest source of foreign borrowing at $23.86 billion, with the International Development Association (IDA) continuing as the country's single biggest external creditor.
The report also noted that the Federal Government has raised its planned borrowing for 2026 to N29.20 trillion, following an expansion of the national budget. The revised borrowing plan is significantly higher than the earlier projection of N17.89 trillion.
The latest debt figures highlight Nigeria's continued reliance on domestic borrowing while maintaining substantial external obligations amid ongoing fiscal and economic challenges.
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