Nigeria's Debt Reaches N166.79 Trillion, Approaching 40% GDP

As of June 30, 2026, Nigeria's total public debt has increased to N166.79 trillion, approaching 40% of the country's gross domestic product (GDP). This figure represents a rise of N7.44 trillion from N159.35 trillion at the end of March 2026, marking a 4.7% increase quarter-on-quarter.

Domestic debt constitutes N91.59 trillion (54.91%), while external debt is N75.20 trillion (45.09%). In dollar terms, the total public debt is approximately $120.93 billion.

The Federal Government of Nigeria (FGN) is responsible for N152.77 trillion, about 91.6% of the total debt, with external obligations at N65.77 trillion and domestic at N87 trillion. States and the Federal Capital Territory hold the remaining N14.01 trillion.

Economic analyst Bismarck Rewane expressed concerns regarding the debt's size, emphasizing the lack of corresponding productivity increases. He noted that the country is facing a cost-of-living crisis, making the growing debt burden more significant, despite potential benefits from higher oil prices.