Nigeria’s total public debt stock rose to N159.35 trillion as of March 2026, representing an increase of N9.96 trillion, or 6.67 per cent, within one year, according to the latest data from the Debt Management Office (DMO).
The figure, which stood at N149.39 trillion in March 2025, reflects a steady increase in the country’s debt stock under the administration of President Bola Tinubu.
In dollar terms, Nigeria’s total public debt rose by $17.71 billion, or 18.22 per cent, from $97.24 billion in March 2025 to $114.95 billion by March 2026.
However, the debt stock remained largely stable in naira terms during the first quarter of 2026. It 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.
In dollar terms, however, the increase was more pronounced, with total debt rising by $3.98 billion, or 3.59 per cent, from $110.97 billion to $114.95 billion during the three-month period.
The disparity was largely linked to movements in the exchange rate used by the DMO to convert Nigeria’s external debt into naira.
For the March 2026 debt figures, the DMO applied an official Central Bank of Nigeria exchange rate of N1,386.2156 to the dollar, compared with N1,435.2571/$ used in December 2025.
The appreciation of the naira exchange rate used for debt conversion resulted in a decline in the naira value of Nigeria’s external debt, despite a slight increase in dollar terms.
External debt stood at $51.90 billion in March 2026, representing an increase of $48.05 million, or 0.09 per cent, from $51.86 billion in December 2025.
In naira terms, however, external debt fell by N2.48 trillion, or 3.33 per cent, from N74.43 trillion to N71.95 trillion.
The decline in external debt was more than offset by increased domestic borrowing, which rose by N2.55 trillion, or 3.01 per cent, from N84.85 trillion in December 2025 to N87.40 trillion in March 2026.
Consequently, domestic borrowing accounted for 54.85 per cent of Nigeria’s total public debt by March 2026, up from 53.27 per cent three months earlier.
The share of external debt, meanwhile, declined from 46.73 per cent to 45.15 per cent during the same period.
On a year-on-year basis, domestic debt recorded a more significant increase, rising 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 overall debt stock consequently increased from 52.72 per cent to 54.85 per cent.
External debt also increased in naira terms over the one-year period, rising by N1.32 trillion, or 1.87 per cent, from N70.63 trillion in March 2025 to N71.95 trillion in March 2026.
In dollar terms, the increase was more substantial, with external debt rising from $45.98 billion to $51.90 billion over the same period.
The DMO attributed the difference between the dollar and naira figures largely to exchange-rate movements.
The Federal Government remained the dominant borrower in the domestic debt market.
Its domestic debt rose 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, within three months.
Compared with N74.89 trillion recorded in March 2025, the Federal Government’s domestic debt increased by N7.99 trillion, or 10.67 per cent, within one year.
At N82.88 trillion, the Federal Government’s domestic debt alone accounted for 52.01 per cent of Nigeria’s entire public debt stock as of March 2026, compared with 50.53 per cent in December 2025 and 50.13 per cent in March 2025.
The latest figures therefore point to a continued shift in Nigeria’s debt portfolio towards domestic borrowing, even as fluctuations in the naira-dollar exchange rate affect the reported value of the country’s external obligations.