Nigeria's public debt increased by N14.39 trillion over the past year, reaching N166.79 trillion as of June 30, 2026, according to the Debt Management Office (DMO). The figure marks a 9.4% rise from N152.4 trillion recorded at the end of June 2025, with domestic borrowing accounting for over half of the total debt stock, the DMO reported. The latest data, released in the DMO's public debt portfolio report, shows domestic debt stood at N91.59 trillion, or 54.91% of the total, while external debt totaled N75.2 trillion, representing 45.09%. This follows a 13.7% increase in domestic debt from N80.55 trillion in June 2025, alongside a 4.7% rise in external debt to N71.85 trillion over the same period.
The federal government remained the largest borrower, accounting for N152.77 trillion of the total debt stock, with N86.99 trillion in domestic obligations and N65.77 trillion in external debt. States and the Federal Capital Territory contributed the remaining N14.01 trillion, comprising N4.59 trillion in domestic debt and N9.42 trillion in external debt. The DMO also noted that Nigeria's total public debt equated to $120.93 billion as of June 30, 2026, up from $99.66 billion a year earlier, reflecting both debt stock growth and the Central Bank of Nigeria's official exchange rate of N1,379 to the dollar used for conversion.
The surge in domestic borrowing has intensified scrutiny over Nigeria's fiscal strategy, as the country's reliance on local debt now exceeds external obligations. Analysts highlight the implications of this shift, including potential pressure on domestic capital markets and the need for transparent debt management. The DMO's report underscores the growing complexity of Nigeria's debt structure, with the federal government's dominant role in borrowing raising questions about long-term economic stability and fiscal accountability.
The latest figures come amid ongoing debates over Nigeria's debt sustainability, with opposition figures and civil society groups calling for greater oversight. The DMO's data also reveals a N7.44 trillion increase in total debt compared to the first quarter of 2026, when the stock stood at N159.35 trillion. As the nation grapples with rising debt levels, the need for balanced fiscal policies and improved revenue generation remains a critical priority for policymakers.