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… domestic borrowing accounts for more than half of total debt Nigeria’s total public debt stock rose to N166.79 trillion.

Nigeria’s total public debt stock rose to N166.79 trillion as of June 30, 2026, reflecting a N14.39 trillion increase within one year, according to the Debt Management Office (DMO).

The latest public debt portfolio report released by the DMO showed that the debt stock increased by 9.4 percent from N152.4 trillion recorded at the end of June 2025.

The figure also represents a N7.44 trillion, or 4.7 percent, increase compared with the N159.35 trillion recorded at the end of the first quarter of 2026.

The latest increase was driven largely by domestic borrowing, which accounted for more than half of the country’s total debt stock.

Read also: Atiku questions N166.79trn debt as Nigeria’s revenue rises

The DMO put Nigeria’s domestic debt at N91.59 trillion as of June 30, representing 54.91 percent of the total public debt. External debt stood at N75.2 trillion, accounting for the remaining 45.09 percent.

Domestic debt increased by N11.04 trillion, or 13.7 percent, from N80.55 trillion recorded in June 2025.

External debt also rose by N3.35 trillion, representing a 4.7 percent increase from N71.85 trillion recorded during the same period.

Federal government remains largest debtor

The Federal Government remained the largest debtor, accounting for N152.77 trillion of the total debt stock. Of this amount, N86.99 trillion was domestic debt, while N65.77 trillion was external debt.

States and the Federal Capital Territory accounted for the remaining N14.01 trillion. Their debt comprised N4.59 trillion in domestic obligations and N9.42 trillion in external debt.

The DMO also reported that Nigeria’s total public debt stood at $120.93 billion as of June 30, 2026, compared with $99.66 billion a year earlier.

The dollar value reflects both changes in the debt stock and the exchange rate used in converting the external component into naira.

According to the debt office, the Central Bank of Nigeria official exchange rate of N1,379 to the dollar as of June 30, 2026, was used to convert the external debt to naira.

The latest figures bring renewed focus to the structure of Nigeria’s borrowing, with domestic obligations now accounting for more than half of the country’s total public debt.