Nigeria’s total public debt stock climbed to N166.79 trillion as of June 30, 2026, representing a N7.44 trillion increase in three months, as domestic borrowing continued to account for the larger share of the country’s debt portfolio.

The latest debt profile released by the Debt Management Office (DMO) showed that total public debt rose from N159.35 trillion at the end of March 2026 to N166.79 trillion at the end of June, an increase of about 4.7 per cent quarter-on-quarter.

Domestic debt accounted for N91.59 trillion, or 54.91 per cent, of the total, while external debt stood at about N75.20 trillion, representing the remaining 45.09 per cent.

In dollar terms, the country’s total public debt stood at $120.93 billion, comprising $66.41 billion in domestic debt and $54.52 billion in external obligations.

The figures underline the Federal Government’s dominant position in Nigeria’s borrowing structure, with the Federal Government of Nigeria (FGN) accounting for N152.77 trillion, or about 91.6 per cent of total public debt.

Of this amount, the FGN’s external debt stood at N65.77 trillion, equivalent to 39.44 per cent of total public debt, while its domestic obligations amounted to N87 trillion, representing 52.16 per cent.

States and the Federal Capital Territory (FCT), by comparison, accounted for N14.01 trillion of the total debt stock, comprising N9.42 trillion in external debt and N4.59 trillion in domestic debt.

The latest figures reinforce the predominance of domestic borrowing in Nigeria’s public debt structure, with government securities continuing to constitute the bulk of the FGN’s domestic obligations.

A breakdown of the FGN’s domestic debt portfolio showed that FGN bonds remained the dominant instrument, with an outstanding value of N64.84 trillion, representing 74.53 per cent of the Federal Government’s N87 trillion domestic debt.

Of the bond portfolio, FGN Naira bonds accounted for N41.47 trillion, while securitised Ways and Means advances stood at N22.11 trillion.

The outstanding FGN domestic US-dollar bond was valued at N1.27 trillion after conversion at the June 30 exchange rate.

Nigerian Treasury Bills accounted for another N19.48 trillion, representing 22.39 per cent of FGN domestic debt.

Other instruments included FGN Sukuk at N1.19 trillion, FGN savings bonds at N122.45 billion, green bonds at N47.36 billion and promissory notes at N1.22 trillion.

The promissory notes comprised N206.82 billion in naira-denominated instruments and N1.01 trillion in foreign-currency-denominated notes, while other instruments, specifically UFTF FGN securities, accounted for N100 billion.

The latest debt figures also highlight the substantial expansion of Nigeria’s public debt stock since the beginning of the Tinubu administration.

DMO data put total public debt at N87.38 trillion as of June 30, 2023, meaning the June 2026 stock of N166.79 trillion is about N79.41 trillion, or 90.9 per cent, higher than the level recorded three years earlier.

However, the increase in the naira value of the debt stock should not be interpreted solely as new borrowing, because movements in the exchange rate also affect the naira value of Nigeria’s foreign-currency debt.

The debt trajectory has also coincided with a changing composition of the portfolio. At the end of 2023, domestic debt accounted for 60.74 per cent of total public debt, compared with 39.26 per cent for external debt.

By June 2026, domestic debt accounted for 54.91 per cent, while external debt represented 45.09 per cent.

The latest DMO release comes alongside separate publications on FGN domestic debt service, external debt service and debt stocks of the states and FCT, providing a broader picture of the government’s debt obligations and financing structure.