By Sandra Kenneth
Nigeria’s total public debt stock climbed to ₦159.35 trillion at the end of March 2026, marking an increase of nearly ₦10 trillion within a single year, according to latest figures released by the Debt Management Office (DMO).
An analysis of the DMO data reveals that the nation’s debt grew by ₦9.96 trillion (6.67 per cent) year-on-year, up from ₦149.39 trillion recorded at the end of March 2025.
In U.S. dollar terms, the growth was noticeably higher at 18.22 per cent, with total debt rising to $114.95 billion over the same period.
Quarterly Trends Show Naira Stability vs. Dollar Growth
The three-month trajectory between December 2025 and March 2026 presented a far more modest expansion in local currency terms. Total public debt edged up by just ₦75.51 billion (0.05 per cent) from ₦159.28 trillion in December to ₦159.35 trillion in March.
However, in dollar terms, the total debt stock climbed by $3.98 billion (3.59 per cent) from $110.97 billion during the quarter.
The divergence between naira and dollar movements largely reflects shifts in the official conversion rate applied by the DMO.
This 3.42 per cent appreciation in the naira conversion rate effectively lowered the local currency valuation of foreign debt.
Domestic Debt Dominates Portfolio
While external debt increased slightly in dollar terms—rising 0.09 per cent from $51.86 billion in December to $51.90 billion in March—its naira value fell 3.33 per cent (₦2.48 trillion) from ₦74.43 trillion to ₦71.95 trillion.
However, the reduction in the naira valuation of foreign debt was offset by a surge in domestic borrowing:
Total domestic debt rose by ₦2.55 trillion (3.01 per cent) in three months, moving from ₦84.85 trillion in December 2025 to ₦87.40 trillion in March 2026 while Domestic obligations increased their dominance in the nation’s debt portfolio, accounting for 54.85 per cent of total public debt in March, up from 53.27 per cent at the end of 2025.
The share of external debt dropped correspondingly from 46.73 per cent to 45.15 per cent.
