Nigeria's public debt has surged to N166.79 trillion as of June 30, 2026, with domestic debt comprising N91.59 trillion, or 54.91% of the total. This translates to approximately $120.93 billion, based on the Central Bank of Nigeria's exchange rate.
The Federal Government of Nigeria (FGN) is the primary borrower, accounting for about N152.77 trillion of the total debt. FGN's external debt stands at N65.77 trillion, while domestic debt is N87.00 trillion, indicating a significant reliance on borrowing.
FGN bonds dominate the domestic debt portfolio, valued at N64.84 trillion, which is 74.53% of the FGN's domestic debt. Other components include Naira bonds, Treasury Bills, and various other instruments, highlighting a diverse funding strategy.
Since President Bola Tinubu took office, Nigeria's public debt has escalated sharply, rising from N87.38 trillion in June 2023. This trend underscores the increasing debt servicing obligations facing the government.
Overall, the latest figures illustrate a concerning trajectory for Nigeria's fiscal health, with both domestic and external debts continuing to climb under the current administration.