Nigeria’s Public Debt Hits N166.79trn in Q2 2026—DMO

Nigeria’s total public debt stock rose to N166.79 trillion as of June 30, 2026, according to the latest data released by the Debt Management Office (DMO), marking an increase of N7.44 trillion from N159.35 trillion recorded at the end of the first quarter.

The figures show domestic debt accounting for N91.59 trillion, or 54.91 per cent of the total portfolio, while external debt made up the remaining balance. In dollar terms, the DMO put the country’s total public debt at 120.93 billion, comprising 54.52 billion in external debt and 66.41 billion in domestic debt. The external debt component was converted using the Central Bank of Nigeria’s official exchange rate of N1,379.1842/ as of June 30, 2026.

Federal Government carries the bulk of the burden

A breakdown of the figures shows the Federal Government of Nigeria (FGN) accounting for the dominant share of both domestic and external obligations, underscoring its position as the country’s principal borrower.

FGN external debt stood at N65.77 trillion, representing 39.44 per cent of total public debt.

States and the Federal Capital Territory (FCT) accounted for N9.42 trillion, or 5.65 per cent, of external debt.

FGN domestic debt stood at N87.00 trillion, representing 52.16 per cent of total public debt.

States and the FCT held N4.59 trillion, or 2.75 per cent, of domestic debt.

Altogether, the Federal Government’s share of the national debt stock came to approximately N152.77 trillion, while states and the FCT accounted for about N14.01 trillion — a split that reaffirms the federal government’s dominance in the country’s borrowing structure, particularly on the domestic side.

FGN bonds anchor domestic borrowing

Within the Federal Government’s domestic debt portfolio, FGN bonds remained the single largest instrument, with an outstanding value of N64.84 trillion, representing 74.53 per cent of FGN domestic debt. This was made up of:

N41.47 trillion in FGN Naira bonds

N22.11 trillion in securitised Ways and Means advances

N1.27 trillion in FGN domestic US dollar bonds (converted at the June 30 exchange rate)

Nigerian Treasury Bills came next, accounting for N19.48 trillion, or 22.39 per cent, of FGN domestic debt. Smaller instruments made up the rest of the portfolio: FGN Sukuk stood at N1.19 trillion, promissory notes totalled N1.22 trillion (comprising N206.82 billion in naira-denominated notes and N1.01 trillion in foreign-currency-denominated notes), FGN savings bonds amounted to N122.45 billion, the green bond stock stood at N47.36 billion, and N100 billion was recorded under other instruments, specifically UFTF FGN securities.