Nigeria’s Debt Stock Rises 90.9% in Three Years, Hits N166.79tn
Nigeria’s total public debt stock has risen by 90.9 per cent in three years, increasing from N87.38 trillion in June 2023 to N166.79 trillion as of June 30, 2026, according to the latest figures from the Debt Management Office, DMO.
The figures showed that the Federal Government accounted for N152.77 trillion, representing about 91.6 per cent of the total debt, while the 36 states and the Federal Capital Territory accounted for the remaining N14.01 trillion, or about 8.4 per cent.
The country’s debt stock rose from N159.28 trillion at the end of December 2025 to N159.35 trillion by March 2026 before climbing to N166.79 trillion in June, representing an increase of N7.44 trillion during the second quarter of the year.
The DMO data also showed that external debt increased from $42.49 billion in December 2023 to $51.86 billion by December 2025 and further to $54.52 billion in June 2026, representing an increase of about 28.4 per cent. Domestic debt, meanwhile, rose from N59.1 trillion in December 2023 to N89.4 trillion by December 2025 and N91.59 trillion by June 2026.
The increase in domestic borrowing was attributed to continued issuance of Federal Government bonds, Nigerian Treasury Bills and the securitisation of Ways and Means advances.
The Federal Government accounted for the bulk of both domestic and external debt throughout the period under review. The debt increase came despite major economic reforms introduced by the Tinubu administration, including the removal of the petrol subsidy and the unification of the exchange rate.
The rising debt profile has continued to attract concerns from business and economic stakeholders, particularly over the cost of servicing the debt and its potential impact on government spending.
President of the Lagos Chamber of Commerce and Industry, Leye Kupoluyi, had expressed concern over the trend at the chamber’s Q2 2026 State of the Economy briefing in Lagos. He noted that although Nigeria’s debt-to-GDP ratio remained within internationally acceptable thresholds, the country’s weak non-oil revenue base and rising debt-servicing obligations continued to put pressure on public finances.
Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, also raised concerns over debt sustainability, saying the growing debt-servicing burden was constraining government finances and limiting the resources available for other obligations.
Yusuf also pointed to the depreciation of the naira and the securitisation of N23 trillion in Ways and Means advances as factors that contributed to the rise in public debt, while warning about the high cost of borrowing and its implications for government finances.