Nigeria's Public Debt Surges to N166.79 Trillion Amid Economic Challenges

Nigeria's total public debt stock has reached a staggering N166.79 trillion as of June 30, 2026, according to the latest data released by the Debt Management Office (DMO). This figure represents an increase of N7.44 trillion from the N159.35 trillion recorded at the end of the first quarter of the year, highlighting the mounting fiscal challenges the nation faces.

The breakdown of the debt reveals that domestic debt accounts for N91.59 trillion, or 54.91 percent of the overall portfolio, while external debt makes up the remaining portion. In dollar terms, Nigeria's total public debt stands at approximately $120.93 billion, with $54.52 billion attributed to external debt and $66.41 billion to domestic debt, based on the Central Bank of Nigeria’s official exchange rate of N1,379.1842 as of June 30, 2026.

The Federal Government of Nigeria holds the majority of this debt, totalling N152.77 trillion, which includes N86.99 trillion in domestic debt and N65.77 trillion in external obligations. In contrast, state governments and the Federal Capital Territory (FCT) collectively account for N14.01 trillion, with N4.59 trillion in domestic debt and N9.42 trillion in external debt.

“The federal government’s bonds remain the largest category of debt, amounting to N64.84 trillion, which represents 74.53 percent of FGN domestic debt,” the DMO reported. “Nigerian Treasury Bills follow, comprising N19.48 trillion, or 22.39 percent, of the FGN domestic debt.”

This escalating debt level raises concerns about Nigeria's economic stability and the government's capacity to manage its obligations effectively. As the nation grapples with various economic challenges, including inflation and revenue generation, the implications of this rising debt could have far-reaching effects on public policy and investment strategies moving forward.