Nigeria's public debt reaches N159.35 trillion by March 2026

In dollar terms, the debt grew by 18.22 percent to $114.95 billion over the same period. The Debt Management Office data also shows that between December 2025 and March 2026, the total public debt in naira terms saw a modest increase of N75.51 billion or 0.05 percent. However, in dollar terms, it climbed by $3.98 billion or 3.59 percent, reaching $114.95 billion.

This divergence is partly attributed to changes in the exchange rate used by the DMO for converting foreign debt to local currency. The agency used an official Central Bank of Nigeria exchange rate of N1,386.2156/$ for March 2026, which represented an appreciation of about 3.42 percent compared to December 2025. Consequently, while external debt slightly increased in dollar terms during the first three months of 2026, its naira value declined.

External debt stood at $51.90 billion in March, up by $48.05 million from December, but its naira equivalent fell by N2.48 trillion. This fall in naira valuation of external debt was largely offset by increased domestic borrowing, which rose by N2.55 trillion or 3.01 percent in three months, reaching N87.40 trillion in March 2026. Domestic obligations now account for 54.85 percent of Nigeria's total debt.

The Federal Government remains the dominant borrower in the domestic market, with its domest