- …. N3.10trn spent on servicing Domestic debt in Q1
BY BONNY AMADI
The Nigerian Debt Management Office (DMO) says the country’s total public debt rose to N159.35 trillion as of March 31, 2026.
Meanwhile, Nigeria spent N3.1trn on domestic debt servicing in Q1
The record, according to the DMO’s latest public debt portfolio report, represents a 6.7 percent or N9.96 trillion increase from N149.39 trillion recorded at the end of the first quarter (Q1) of 2025.
However, the figure was almost unchanged when compared with the N159.28 trillion recorded at the end of December 2025.
On a quarter-on-quarter basis, public debt increased by about N75.51 billion, representing a 0.05 percent rise.
The latest debt stock comprises N87.4 trillion in domestic debt, accounting for 54.85 percent of the total debt stock, and N71.95 trillion in external debt, representing 45.15 percent.
Domestic debt increased by N8.64 trillion, or 11 percent, from N78.76 trillion in March 2025.
The DMO said external debt rose by N1.32 trillion, or 1.9 percent, from N70.63 trillion recorded in Q1 of 2025.
Compared with December 2025, domestic debt rose by N2.55 trillion, or 3 percent, from N84.85 trillion, while external debt declined by N2.48 trillion, or 3.3 percent, from N74.43 trillion.
The agency noted that the federal government accounted for N82.88 trillion of the domestic debt, while states and the federal capital territory (FCT) accounted for N4.52 trillion.
In dollar terms, Nigeria’s total public debt stood at $114.95 billion as of March 31, 2026, compared with $97.24 billion in March 2025.
The DMO said the Central Bank of Nigeria (CBN) official exchange rate of N1,386.2156 per dollar as of March 31, 2026, was used to convert the external debt to naira.
It would be recalled that on March 31, the national assembly approved President Bola Tinubu’s $6 billion external borrowing request.
Meanwhile, Nigeria spent N3.1trn on domestic debt servicing in Q1 Debt Management Office (DMO) said the federal government spent N3.14 trillion on servicing its domestic debt in the first quarter (Q1) of 2026.
The office disclosed the data in its latest domestic debt service report for Q1 2026. The figure comprises N2.97 trillion in interest payments and N169.68 billion in principal repayments.
The agency said in January, the government spent N741.82 billion on domestic debt service, while the figure rose to N967.67 billion in February.
Also, the debt office said interest payments accounted for about 94.6 percent of total domestic debt service during the quarter.
The DMO said treasury bills accounted for the largest share of interest payments at N1 trillion, while interest on federal government bonds stood at N1.96 trillion.
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