Nigeria's total public debt stock reached N166.79 trillion as of 30 June 2026, up from N159.35 trillion recorded on 31 March 2026, according to the Debt Management Office (DMO). Domestic debt accounted for N91.59 trillion, or 54.91% of the total portfolio.
In US dollar terms, the DMO put total public debt at $120.93 billion, comprising $54.52 billion in external debt and $66.41 billion in domestic debt. The external debt stock was converted using the Central Bank of Nigeria's official exchange rate of N1,379.1842 to the dollar as of 30 June 2026.
The Federal Government of Nigeria (FGN) holds the largest share of the obligations. FGN external debt stood at N65.77 trillion, representing 39.44% of total public debt, while states and the Federal Capital Territory (FCT) accounted for N9.42 trillion, or 5.65%. On the domestic side, FGN debt stood at N87.00 trillion, or 52.16% of the total, with states and the FCT holding N4.59 trillion, or 2.75%.
Combined, the Federal Government accounted for about N152.77 trillion of total public debt, while states and the FCT accounted for approximately N14.01 trillion.
FGN bonds remained the largest component of the Federal Government's domestic debt portfolio, with an outstanding value of N64.84 trillion, or 74.53% of FGN domestic debt. FGN naira bonds accounted for N41.47 trillion, while securitised Ways and Means advances stood at N22.11 trillion. Nigerian Treasury Bills amounted to N19.48 trillion, or 22.39% of FGN domestic debt.
Other instruments included FGN Sukuk at N1.19 trillion, FGN savings bonds at N122.45 billion, green bonds at N47.36 billion, and promissory notes totalling N1.22 trillion. The promissory notes comprised N206.82 billion in naira-denominated instruments and N1.01 trillion in foreign-currency-denominated notes. The outstanding FGN domestic US dollar bond was valued at N1.27 trillion after conversion at the June 30 exchange rate, while the DMO also reported N100 billion under other instruments, specifically UFTF FGN securities.
Nigeria's public debt and debt servicing obligations have risen sharply under the administration of President Bola Tinubu. DMO data show total public debt stood at N87.38 trillion as of 30 June 2023, shortly after he assumed office. Total external debt rose from $42.49 billion in December 2023 to $51.86 billion by December 2025, while domestic debt increased from N59.1 trillion to N89.4 trillion over the same period.
