By Sabiu Abdullahi
Nigeria’s total public debt has increased to N159.35 trillion as of March 31, 2026, according to the Debt Management Office (DMO).
The latest debt portfolio report released by the agency showed that the figure represents an increase of N9.96 trillion, or 6.7 per cent, from the N149.39 trillion recorded at the end of the first quarter of 2025.
Despite the yearly increase, the country’s debt stock remained almost unchanged from the N159.28 trillion recorded at the end of December 2025.
On a quarterly basis, the debt rose by N75.51 billion, which represents a 0.05 per cent increase.
The DMO report showed that domestic debt accounted for N87.4 trillion, representing 54.85 per cent of the total debt, while external debt stood at N71.95 trillion, or 45.15 per cent.
Domestic debt increased by N8.64 trillion, or 11 per cent, compared with the N78.76 trillion recorded in March 2025.
External debt also recorded a year-on-year increase of N1.32 trillion, representing 1.9 per cent, from N70.63 trillion in the first quarter of 2025.
A comparison with the December 2025 figures showed that domestic debt rose by N2.55 trillion, or three per cent, from N84.85 trillion.
External debt, however, dropped by N2.48 trillion, or 3.3 per cent, from N74.43 trillion recorded at the end of December 2025.
The DMO said the Federal Government accounted for N82.88 trillion of the domestic debt, while state governments and the Federal Capital Territory contributed N4.52 trillion.
In dollar terms, the country’s total public debt stood at $114.95 billion as of March 31, 2026. This compares with $97.24 billion recorded in March 2025.
According to the DMO, the external debt was converted to naira based on the Central Bank of Nigeria’s official exchange rate of N1,386.2156 to the dollar as of March 31, 2026.
The development came after the National Assembly approved President Bola Tinubu’s request to obtain $6 billion in external borrowing on March 31.
