Nigeria’s total public debt stock rose to N159.35 trillion as of March 2026, representing an increase of nearly N10 trillion within one year under the President Bola Tinubu-led government, according to the latest figures released by the Debt Management Office (DMO).
The DMO data showed that the country’s total debt increased by N9.96 trillion, or 6.67 per cent, from N149.39 trillion recorded in March 2025 to N159.35 trillion by the end of March 2026.
In dollar terms, Nigeria’s total public debt rose by 18.22 per cent over the same period, increasing by $17.71 billion from $97.24 billion to $114.95 billion.
The latest figures also showed that the country’s debt stock remained relatively stable between December 2025 and March 2026 in naira terms.
Total public debt increased marginally by N75.51 billion, or 0.05 per cent, from N159.28 trillion in December 2025 to N159.35 trillion in March 2026.
However, in dollar terms, the debt rose by $3.98 billion, or 3.59 per cent, from $110.97 billion to $114.95 billion during the three-month period.
The disparity was partly attributed to changes in the exchange rate used by the DMO to convert Nigeria’s foreign debt into naira.
For its March 2026 debt figures, the DMO used an official Central Bank of Nigeria exchange rate of N1,386.2156 to the dollar, compared with N1,435.2571/$ used at the end of December 2025.
The exchange rate used for debt conversion therefore appreciated by about 3.42 per cent during the period.
As a result, although Nigeria’s external debt increased slightly in dollar terms during the first quarter of 2026, its naira value fell significantly.
External debt stood at $51.90 billion in March 2026, representing an increase of only $48.05 million, or 0.09 per cent, from $51.86 billion in December 2025.
In naira terms, however, external debt declined by N2.48 trillion, or 3.33 per cent, from N74.43 trillion to N71.95 trillion.
The decline in the naira value of external debt was more than offset by an increase in domestic borrowing.
Domestic debt rose by N2.55 trillion, or 3.01 per cent, from N84.85 trillion in December 2025 to N87.40 trillion in March 2026.
The development further increased the dominance of domestic borrowing in Nigeria’s debt portfolio.
Domestic debt accounted for 54.85 per cent of the country’s total public debt as of March 2026, compared with 53.27 per cent three months earlier.
The share of external debt consequently declined from 46.73 per cent in December to 45.15 per cent in March.
The year-on-year figures showed an even stronger shift towards domestic borrowing.
Nigeria’s domestic debt increased by N8.64 trillion, or 10.98 per cent, from N78.76 trillion in March 2025 to N87.40 trillion in March 2026.
Its share of the total debt stock consequently increased from 52.72 per cent to 54.85 per cent within the period.
External debt, meanwhile, increased by N1.32 trillion, or 1.87 per cent, in naira terms, rising from N70.63 trillion in March 2025 to N71.95 trillion in March 2026.
In dollar terms, however, external debt increased more significantly, rising from $45.98 billion in March 2025 to $51.90 billion in March 2026.
The smaller increase in the naira value was largely influenced by the stronger exchange rate used by the DMO to translate the foreign debt stock.
The Nigerian government remained the dominant borrower in the domestic debt market.
The government domestic debt increased from N80.49 trillion in December 2025 to N82.88 trillion in March 2026, representing an increase of N2.39 trillion, or 2.97 per cent, in three months.
Compared with the N74.89 trillion recorded in March 2025, the Federal Government’s domestic debt rose by N7.99 trillion, or 10.67 per cent, within one year.
The Federal Government’s domestic debt alone accounted for 52.01 per cent of Nigeria’s entire public debt stock at the end of March 2026.
This was higher than the 50.53 per cent recorded in December 2025 and 50.13 per cent recorded in March 2025
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