Nigeria’s debt surges by N9.96trn to N159.35trn in one year under Tinubu — DMO reports

Nigeria’s public debt has surged by N9.96 trillion to reach N159.35 trillion within a year of Tinubu’s administration, as reported by the Debt Management Office (DMO).

As of March 2026, the country’s total debt increased from N149.39 trillion in March 2025, marking a rise of 6.67 percent. In terms of dollars, this translates to an increase of $17.71 billion, or 18.22 percent, climbing from $97.24 billion to $114.95 billion during the same timeframe.

From December 2025 to March 2026, the overall debt saw a slight rise of N75.51 billion, which is just 0.05 percent, going from N159.28 trillion to N159.35 trillion. However, its dollar value climbed by $3.98 billion, or 3.59 percent, owing largely to fluctuations in the exchange rate.

For its March figures, the DMO reported an exchange rate of N1,386.2156 per dollar, compared to N1,435.2571 per dollar in December. The external debt reached $51.90 billion in March, a modest increase of $48.05 million from $51.86 billion in December.

In naira terms, however, it fell by N2.48 trillion, or 3.33 per cent, from N74.43 trillion to N71.95 trillion.

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Meanwhile, domestic debt rose by N2.55 trillion, or 3.01 per cent, from N84.85 trillion to N87.40 trillion. It increased by N8.64 trillion, or 10.98 per cent, year-on-year, accounting for 54.85 per cent of total debt, compared with 52.72 per cent a year earlier.

The Federal Government remained the dominant domestic borrower, with its debt rising from N80.49 trillion in December 2025 to N82.88 trillion in March 2026. Compared with N74.89 trillion in March 2025, this represents a N7.99 trillion, or 10.67 per cent, increase.

The Federal Government’s domestic debt alone accounted for 52.01 per cent of Nigeria’s total public debt as of March 2026.