Nigeria’s total public debt increased to N159.35 trillion as of March 2026, according to the latest figures released by the Debt Management Office (DMO). The report showed that the country’s debt grew by almost N10 trillion over the past year, mainly because of higher domestic borrowing. The DMO said total public debt rose by N9.96 trillion. This represents a 6.67 per cent increase from N149.39 trillion recorded in March 2025.
Debt also increased in dollar terms
In dollar terms, Nigeria’s public debt climbed from $97.24 billion in March 2025 to $114.95 billion in March 2026. That represents an increase of $17.71 billion, or 18.22 per cent, within one year.
However, debt changed only slightly during the first quarter of 2026 when measured in naira. It rose by N75.51 billion, representing a 0.05 per cent increase between December 2025 and March 2026. Meanwhile, the debt increased by $3.98 billion in dollar terms during the same period. That equals a 3.59 per cent rise.
Exchange rate affected debt valuation
According to the DMO, movements in the exchange rate partly explained the difference between the naira and dollar values. For the March 2026 report, the agency used the Central Bank of Nigeria’s official exchange rate of N1,386.2156/$. It used N1,435.2571/$ in the December 2025 report. As a result, the stronger naira reduced the local value of external debt even though the foreign debt increased slightly in dollar terms.
Domestic borrowing continued to grow
Nigeria’s external debt stood at $51.90 billion in March 2026. That was only $48.05 million higher than the $51.86 billion recorded three months earlier. In naira terms, however, external debt fell by N2.48 trillion. It declined from N74.43 trillion to N71.95 trillion. Meanwhile, domestic debt increased by N2.55 trillion. It rose 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. The figure stood at 53.27 per cent in December 2025. Meanwhile, external debt declined from 46.73 per cent to 45.15 per cent.
Domestic debt recorded stronger yearly growth
The latest figures also showed that domestic borrowing grew more rapidly over the past year. Domestic debt increased by N8.64 trillion. It rose from N78.76 trillion in March 2025 to N87.40 trillion in March 2026. As a result, its share of total public debt increased from 52.72 per cent to 54.85 per cent.
External debt also increased in naira terms. It rose by N1.32 trillion, moving from N70.63 trillion to N71.95 trillion. In dollar terms, external debt climbed from $45.98 billion in March 2025 to $51.90 billion in March 2026. However, the stronger exchange rate reduced the size of the increase when converted to naira.
Federal Government remained the biggest borrower
The DMO report showed that the Federal Government remained the largest domestic borrower. Federal Government domestic debt increased from N80.49 trillion in December 2025 to N82.88 trillion in March 2026. That represents an increase of N2.39 trillion within three months.
Compared with the N74.89 trillion recorded in March 2025, the Federal Government’s domestic debt rose by N7.99 trillion. That represents a 10.67 per cent increase over one year. The report further showed that the Federal Government’s domestic debt accounted for 52.01 per cent of Nigeria’s total public debt as of March 2026. This compares with 50.53 per cent in December 2025 and 50.13 per cent in March 2025.
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