Nigeria’s total public debt surged by ₦7.44 trillion in just three months, reaching a record ₦166.79 trillion ($120.93 billion) as of June 30, 2026. The new figures reflect a 4.67% quarter-on-quarter increase from the ₦159.35 trillion recorded at the end of March 2026, according to the latest report released by the Debt Management Office (DMO).
The update highlights a dramatic trajectory: since President Bola Ahmed Tinubu took office in mid-2023, when public debt stood at ₦87.38 trillion, the national debt profile has expanded by nearly 91%.
Key Debt Figures & Portfolio Structure
- Domestic Borrowing Dominance: Local debt continues to lead the national portfolio, standing at ₦91.59 trillion (54.91% of total debt). External debt obligations account for ₦75.20 trillion ($54.52 billion or 45.09%).
- Federal vs. State Shares: The Federal Government of Nigeria (FGN) holds the vast majority of total debt at ₦152.77 trillion (over 91% of the national stock). State governments and the Federal Capital Territory (FCT) collectively account for the remaining ₦14.01 trillion.
- Debt Servicing Strain: Domestic debt service payments for Q2 2026 alone consumed ₦2.14 trillion. While domestic service costs recorded a quarterly drop, interest and principal repayments continue to absorb a major portion of government revenues.
Domestic Debt Breakdown
Within the Federal Government’s ₦87 trillion domestic portfolio, debt instruments are distributed across key markets:
- FGN Bonds: Represent the largest share at ₦64.84 trillion (comprising ₦41.47 trillion in standard Naira bonds and ₦22.11 trillion in securitized Ways & Means advances).
- Treasury Bills: Account for ₦19.48 trillion.
- Promissory Notes & Other Instruments: Account for ₦1.22 trillion in promissory notes, alongside allocations across Sukuk (₦1.19 trillion), Green Bonds, and Savings Bonds.
Public Reaction & Economic Implications
The rapid surge in debt levels has sparked widespread public criticism across social media and financial circles. Critics argue that with borrowing expanding at an average rate of nearly ₦82 billion daily under the current administration, citizens see limited visible improvements in public infrastructure, health systems, or economic power generation.
Economists note that while foreign exchange revaluations have inflated the local currency value of external debt, the sheer scale of debt servicing burdens underscores the urgent need for structural revenue reforms and greater spending efficiency.
