DMO Releases Tinubu’s Three Month Borrowings as Nigeria’s Public Debt Hits N166 Trillion

• Nigeria’s public debt rose to ₦166.79 trillion by June 2026, increasing by ₦7.44 trillion in just three months
• Domestic obligations accounted for 54.91% of the debt portfolio, while external debt represented 45.09%
• Federal Government borrowing dominated Nigeria’s debt profile, with total obligations reaching ₦152.77 trillion

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

Nigeria’s total public debt climbed to ₦166.79 trillion at the end of June 2026, rising by ₦7.44 trillion in just three months, according to the latest figures released by the Debt Management Office (DMO).

The new figure represents a 4.7% increase from the ₦159.35 trillion debt stock recorded at the end of March 2026, highlighting the continued expansion of the country’s debt portfolio.

The DMO published its latest public debt portfolio data on September 25, covering the obligations of the Federal Government, the 36 states and the Federal Capital Territory.

Nigeria’s debt rises by ₦14.39tn in one year

On a year-on-year basis, Nigeria’s debt increased by ₦14.39 trillion, or approximately 9.4%, from ₦152.40 trillion recorded at the end of June 2025 to ₦166.79 trillion in June 2026.

DMO data for June 2025 showed that the country owed ₦152.40 trillion, equivalent to $99.66 billion at the time.

The latest figures mean Nigeria added roughly ₦7.44 trillion to its debt stock between March and June alone.

Domestic obligations remained the biggest component of the debt portfolio.

According to the figures, domestic debt stood at ₦91.59 trillion, accounting for 54.91% of the total, while external debt amounted to ₦75.20 trillion, representing 45.09%.

Domestic debt increased by ₦11.04 trillion, or about 13.7%, compared with ₦80.55 trillion in June 2025. External debt, meanwhile, rose by ₦3.35 trillion from ₦71.85 trillion over the same period.

FG accounts for bulk of Nigeria’s debt

The Federal Government remained responsible for the overwhelming share of the country’s debt.

Its total obligations stood at ₦152.77 trillion, comprising ₦86.99 trillion in domestic debt and ₦65.77 trillion in external obligations.

States and the FCT accounted for the remaining ₦14.01 trillion, consisting of approximately ₦4.59 trillion in domestic obligations and ₦9.42 trillion in external debt.

The figures underline the dominance of federal borrowing in Nigeria’s overall debt profile.

Nigeria’s debt rises to $120.93bn

Measured in US dollars, Nigeria’s total public debt stood at $120.93 billion as of June 30, 2026, compared with $99.66 billion a year earlier.

However, movements in the dollar value of the debt also reflect changes in the exchange rate used to translate naira-denominated obligations.

For the June 2026 calculation, the DMO used the Central Bank of Nigeria’s official exchange rate of ₦1,379 to $1.

By comparison, the June 2025 portfolio was converted using an official exchange rate of about ₦1,529.21/$, according to DMO data.

The latest debt figures provide a fresh snapshot of Nigeria’s borrowing position as the government continues to balance financing requirements with the challenge of managing debt and servicing obligations.

Nigerian states with the highest IGR

Legit.ng earlier reported that Nigeria's 36 states and the Federal Capital Territory (FCT) collectively raised N5.15 trillion in internally generated revenue (IGR) in 2025, up 40.93% from the N3.65 trillion recorded the previous year, according to the 2025 IGR report tracking revenue from taxes and Ministries, Departments and Agencies (MDAs).

Tax revenue made up 73.64% of the national IGR total, with Pay-As-You-Earn (PAYE) contributions accounting for the largest portion.