Nigeria's public debt hits N166.79tn as FGN borrowing drives June 2026 surge

Nigeria's total public debt rose to N166.79 trillion by June 30, 2026, with domestic debt at N91.59 trillion (54.91%) and external debt at N75.2 trillion. In dollar terms, this equals $120.93 billion using the CBN's official rate of N1,379.1842/$. The Federal Government holds N152.77 trillion of this debt—N87.00 trillion domestic and N65.77 trillion external—while states and the FCT account for N14.01 trillion. FGN bonds dominate domestic debt at N64.84 trillion, followed by Treasury Bills at N19.48 trillion. This marks a sharp increase from N159.35 trillion in March 2026 and N87.38 trillion when President Tinubu assumed office in June 2023.

The rising debt burden means larger budget shares will go to debt servicing rather than public services like healthcare, education, or infrastructure. With domestic debt making up over half the total, interest payments compete directly with naira liquidity, potentially pressuring exchange rates and inflation. For citizens, this could translate to future tax adjustments, reduced government spending, or sustained currency volatility affecting import costs and savings value.

Given that debt service already consumes significant budget resources, should you adjust your financial planning for potential future tax changes, naira depreciation impacts on imports/savings, or shifts in public service availability as more funds flow to creditors?

SOURCE: https://nairametrics.com/2026/09/26/nigerias-public-debt-rises-to-n166-79-trillion-in-q2-2026/