Nigeria’s total public debt stock rose by N9.96 trillion to N159.35 trillion between March 2025 and March 2026, representing a 6.67 per cent increase, according to the Debt Management Office (DMO).

The debt also rose in dollar terms from $97.24 billion to $114.95 billion during the period, an increase of $17.71 billion or 18.22 per cent.

Debt Rises Marginally in Three Months

Between December 2025 and March 2026, Nigeria’s total debt increased slightly from N159.28 trillion to N159.35 trillion, representing an increase of N75.51 billion or 0.05 per cent.

However, the dollar value rose by $3.98 billion, or 3.59 per cent, to $114.95 billion, largely due to exchange-rate movements.

The DMO used an exchange rate of N1,386.2156 to the dollar for its March 2026 calculation, compared with N1,435.2571 per dollar in December.

Domestic Debt Accounts for Larger Share

External debt stood at $51.90 billion in March 2026, compared with $51.86 billion in December, representing a marginal increase of $48.05 million.

In naira terms, however, external debt fell by N2.48 trillion, or 3.33 per cent, from N74.43 trillion to N71.95 trillion.

Domestic debt moved in the opposite direction, rising by N2.55 trillion, or 3.01 per cent, from N84.85 trillion in December to N87.40 trillion in March.

Year-on-year, domestic debt increased by N8.64 trillion, or 10.98 per cent, and accounted for 54.85 per cent of Nigeria’s total public debt, compared with 52.72 per cent a year earlier.

Federal Government Remains Largest Borrower

The Federal Government remained the largest domestic borrower, with its debt increasing from N80.49 trillion in December 2025 to N82.88 trillion in March 2026.

Compared with N74.89 trillion recorded in March 2025, the figure represents an increase of N7.99 trillion, or 10.67 per cent.

The Federal Government’s domestic debt alone accounted for 52.01 per cent of Nigeria’s total public debt as of March 2026.