Nigeria's public debt hits N159.35tn in March, up N10tn annually

Nigeria's total public debt stock climbed to N159.35 trillion by the end of March 2026, marking an increase of approximately N10 trillion over the preceding year. Latest figures from the Debt Management Office (DMO) reveal a 6.67 percent rise in naira terms, from N149.39 trillion in March 2025 to N159.35 trillion a year later.

In dollar terms, the debt surge was more pronounced, escalating by 18.22 percent to $114.95 billion during the same twelve-month period. However, the growth in the first quarter of 2026 (December 2025 to March 2026) was considerably more modest in naira terms, with a mere 0.05 percent increase to N159.35 trillion. In dollar terms, the debt climbed by $3.98 billion, or 3.59 percent, in the same quarter.

The divergence between naira and dollar movements is largely attributed to shifts in the exchange rate used by the DMO. The agency employed an official Central Bank of Nigeria rate of N1,386.2156 per dollar for the March 2026 figures, a slight appreciation from N1,435.2571 per dollar at the end of December 2025. This appreciation meant that while Nigeria's external debt saw a marginal increase in dollar value, its naira valuation decreased significantly.

External debt stood at $51.90 billion in March, a slight increase of $48.05 million from December. However, its naira equivalent dropped by N2.48 trillion, from N74.43 trillion to N71.95 trillion. This reduction in the naira value of external debt was nearly offset by increased domestic borrowing, which rose by N2.55 trillion or 3.01 percent in the first quarter of 2026.