The Debt Management Office (DMO) reported that Nigeria's total public debt reached N166.79 trillion as of June 30, 2026, an increase of N7.44 trillion within three months. The new figure, released on September 25, marks a 4.7% rise from the N159.35 trillion recorded at the end of March 2026.
Domestic debt accounted for N91.59 trillion (54.91% of the total), while external debt stood at N75.20 trillion (45.09%). The Federal Government's obligations alone totaled N152.77 trillion, comprising N86.99 trillion in domestic debt and N65.77 trillion in external debt.
Year-on-Year Debt Growth
On a year-on-year basis, Nigeria's debt increased by N14.39 trillion, or about 9.4%, from N152.40 trillion in June 2025. In dollar terms, the total public debt was $120.93 billion as of June 30, 2026, compared with $99.66 billion a year earlier. The DMO used the Central Bank of Nigeria's official exchange rate of N1,379 per dollar for the June 2026 calculation, while the June 2025 figure was converted at about N1,529.21 per dollar.
Domestic debt rose by N11.04 trillion (13.7%) year-on-year from N80.55 trillion, while external debt increased by N3.35 trillion from N71.85 trillion over the same period.
Federal Government Dominates Borrowing
The Federal Government remained the largest debtor, with total obligations of N152.77 trillion. States and the Federal Capital Territory accounted for the remaining N14.01 trillion, including N4.59 trillion in domestic debt and N9.42 trillion in external debt.
The figures highlight the continued expansion of Nigeria's debt portfolio, with domestic obligations remaining the largest component. The DMO data covers the Federal Government, 36 states, and the FCT.
Context and Related Developments
The latest debt snapshot comes as the government balances financing needs with debt servicing. In a separate report, Legit.ng noted that Nigeria's 36 states and the FCT collectively raised N5.15 trillion in internally generated revenue (IGR) in 2025, up 40.93% from N3.65 trillion in 2024, according to the 2025 IGR report. Tax revenue made up 73.64% of the national IGR total, with Pay-As-You-Earn (PAYE) contributions forming the largest portion.
The DMO's release provides a fresh reference point for assessing Nigeria's borrowing trajectory as the government continues to manage its debt portfolio amid economic challenges.
