Nigeria’s Public Debt Soars to ₦166.79 Trillion in Q2 2026 — DMO Data Reveals Sharp Rise

Nigeria’s total public debt stock climbed to ₦166.79 trillion as of June 30, 2026, up from ₦159.35 trillion recorded at the end of March 2026, according to the latest figures released by the Debt Management Office (DMO).

The increase of approximately ₦7.44 trillion within three months underscores continued growth in the country’s debt portfolio. In dollar terms, the total stood at $120.93 billion, comprising $54.52 billion in external debt and $66.41 billion in domestic debt. The DMO converted the external component using the Central Bank of Nigeria’s official exchange rate of ₦1,379.1842 per dollar as of June 30, 2026.

Domestic debt accounted for the larger share at ₦91.59 trillion, or 54.91% of the total portfolio, while external debt made up the balance of about ₦75.20 trillion.

The Federal Government of Nigeria (FGN) continued to hold the overwhelming majority of the obligations. FGN external debt reached ₦65.77 trillion (39.44% of total public debt), while its domestic debt stood at ₦87.00 trillion (52.16%). States and the Federal Capital Territory (FCT) together accounted for roughly ₦14.01 trillion — ₦9.42 trillion in external debt (5.65%) and ₦4.59 trillion in domestic debt (2.75%).

Overall, the Federal Government was responsible for about ₦152.77 trillion of the national public debt stock.

Within the FGN’s domestic portfolio, bonds remained the dominant instrument at ₦64.84 trillion, representing 74.53% of the total. This included ₦41.47 trillion in naira-denominated FGN bonds and ₦22.11 trillion in securitised Ways and Means advances. Nigerian Treasury Bills accounted for ₦19.48 trillion (22.39%), with smaller amounts in Sukuk (₦1.19 trillion), savings bonds, green bonds, and promissory notes.

The latest data follows a pattern of rising debt levels in recent years. The stock had edged up only marginally to ₦159.35 trillion by the end of the first quarter of 2026 from ₦159.28 trillion at the close of 2025, but the second-quarter jump marks a clearer acceleration.

Nigeria’s public debt and associated servicing obligations have expanded significantly under the current administration. The DMO figures show the total stood at ₦87.38 trillion as of June 30, 2023. External debt rose from $42.49 billion in December 2023 to higher levels by the end of 2025, while domestic debt also increased substantially over the same period.

The DMO’s report provides the official quarterly snapshot of Nigeria’s consolidated public debt, covering both federal and sub-national (states and FCT) obligations.