The Debt Management Office (DMO), Nigeria’s public debt management agency, has reported that the nation’s total public debt stock rose to N166.79 trillion as at the end of the second quarter this year, from the N159.35 trillion accumulated as of the end of the first quarter.
The latest data published by the Office on the public debt stock at the end of Q2 2026 indicated that domestic debt accounted for N91.59 trillion, or 54.91% of the total debt portfolio.
It clarified that in dollar terms, the public debt totalled $120.93 billion, comprising $54.52 billion in external debt and $66.41 billion in domestic debt.
The DMO converted the external debt stock using the Central Bank of Nigeria’s official exchange rate of N1,379.1842/$ as of June 30 this year.
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A breakdown of the debt liabilities on tiers of government basis showed that the Federal Government of Nigeria (FGN) accounted for the largest share of both domestic and external debt, accounting for about N152.77 trillion of the total public debt, while states and the FCT accounted for approximately N14.01 trillion
A further analysis of the DMO report reflected that the FGN external debt stood at N65.77 trillion, representing 39.44% of total public debt, while states and the Federal Capital Territory (FCT) accounted for N9.42 trillion, or 5.65%, in external debt.
Similarly, the FGN domestic debt stood at N87.00 trillion, representing 52.16% of total public debt compared with the states and FCT debt stock which accounted for N4.59 trillion, or 2.75%, of domestic debt.
Similarly, the FGN bonds dominated domestic fixed income market debt stock, as the FGN Naira bonds accounted for N41.47 trillion, and the securitised Ways and Means advances stood at N22.11 trillion.
Also, the outstanding FGN domestic US dollar bond was valued at N1.27 trillion after conversion at the June 30 exchange rate while the Nigerian Treasury Bills (NTBs) accounted for N19.48 trillion, representing 22.39% of FGN domestic debt.
The FGN Sukuk stood at N1.19 trillion, the FGN savings bonds amounted to N122.45 billion while the Federal Government’s green bond stock stood at N47.36 billion, while promissory notes totalled N1.22 trillion.
The DMO report indicated that the promissory notes comprised N206.82 billion in naira-denominated instruments and N1.01 trillion in foreign-currency-denominated notes, while other instruments, specifically UFTF FGN securities, accounted for N100 billion of the debt stock as of the end of the quarter under review.
