Nigeria’s Public Debt Rises by N9.96trn to N159.35trn Under Tinubu – DMO

• Nigeria’s total public debt climbed to N159.35 trillion in March 2026, up N9.96 trillion from N149.39 trillion recorded a year earlier, according to the DMO.
• The increase was driven largely by growth in domestic borrowing, with the Federal Government accounting for more than half of the country’s total public debt.

Nigeria’s total public debt stock rose to N159.35 trillion as of March 2026, representing a N9.96 trillion, or 6.67 per cent, increase from N149.39 trillion recorded in March 2025, according to the Debt Management Office (DMO).

In dollar terms, the country’s total debt increased by $17.71 billion, rising from $97.24 billion in March 2025 to $114.95 billion in March 2026, representing an 18.22 per cent increase.

Between December 2025 and March 2026, total public debt increased marginally by N75.51 billion, from N159.28 trillion to N159.35 trillion.

However, the dollar value increased by $3.98 billion, or 3.59 per cent, largely due to changes in the exchange rate. The DMO used an exchange rate of N1,386.2156/$ for its March figures, compared with N1,435.2571/$ in December.

Nigeria’s external debt stood at $51.90 billion in March 2026, representing a slight increase of $48.05 million from $51.86 billion recorded in December.

In naira terms, however, external debt declined by N2.48 trillion, or 3.33 per cent, from N74.43 trillion to N71.95 trillion.

Domestic debt, on the other hand, increased by N2.55 trillion, or 3.01 per cent, from N84.85 trillion in December 2025 to N87.40 trillion in March 2026.

Year-on-year, domestic debt rose by N8.64 trillion, or 10.98 per cent, accounting for 54.85 per cent of Nigeria’s total public debt, compared with 52.72 per cent a year earlier.

The Federal Government remained the largest domestic borrower, with its domestic debt rising from N80.49 trillion in December 2025 to N82.88 trillion in March 2026.

Compared with N74.89 trillion recorded in March 2025, the Federal Government’s domestic debt 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 as of March 2026.