Nigeria’s total public debt rose to ₦159.35 trillion as of 31 March, according to the latest figures released by the Debt Management Office (DMO).
The new data highlights the continued increase in the country’s debt profile, reflecting additional domestic and external borrowings by the federal and state governments, as well as the impact of exchange rate movements on foreign debt obligations.
The DMO said the debt stock comprises obligations owed by the Federal Government, the 36 state governments, and the Federal Capital Territory (FCT). The report also indicates that domestic borrowing continues to account for a significant share of Nigeria’s total debt, while external debt remains a key component of the country’s financing strategy.
The latest debt figures come as Nigeria faces mounting fiscal pressures, with the government relying on borrowing to finance budget deficits, fund infrastructure projects, and support economic reforms.
Economists have repeatedly urged authorities to prioritise revenue generation, improve tax collection, and strengthen fiscal discipline to ensure that the country’s debt remains sustainable.
While government officials have maintained that Nigeria’s debt level is manageable relative to its gross domestic product (GDP), analysts continue to express concern over the growing cost of debt servicing and its impact on public spending.
The DMO’s latest report is expected to fuel fresh debate over the country’s borrowing strategy as policymakers seek to balance economic growth with fiscal sustainability.
