The figure represents a marginal increase of about N71.6 billion compared with the N159.28 trillion recorded at the end of December 2025, showing a slight rise during the first quarter of the year.
In dollar terms, Nigeria's total public debt stood at approximately $114.95 billion as of March 31, 2026, reflecting the impact of exchange rate movements on external obligations.
The data indicates that the debt stock increased by N9.96 trillion, or 6.67 percent, compared with the N149.39 trillion recorded in March 2025, representing a year-on-year growth in public borrowing.
The Debt Management Office emphasized that the country's total debt comprises external and domestic borrowing of the Federal Government, as well as those of the 36 states and the Federal Capital Territory.
The breakdown shows that the Federal Government accounts for the majority of the debt, with domestic debt remaining the dominant component of the portfolio at 54.85 percent, while external debt represented 45.15 percent of total public debt.
According to the report, domestic borrowing accounted for virtually all the increase in Nigeria's debt stock during the first quarter, driven largely by higher Treasury Bills issuance by the federal government.
The latest data shows domestic debt increased by N2.55 trillion during the first quarter, while a stronger naira reduced the local-currency value of external debt by N2.48 trillion, limiting the quarterly increase in total debt.
The Federal Government has explained that the rise in public debt is largely driven by improved transparency and foreign exchange adjustments, not a surge in new borrowing, as part of efforts to provide clearer accounting of liabilities.
The explanation was provided by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during the launch of the Nigerian Economic Summit Group 2026 Macroeconomic Outlook Report in Lagos.
Findings by DailyVista247 show that the Federal Government will spend more on debt servicing in coming years, with implications for infrastructure spending and debt sustainability indicators being closely monitored.
The government noted that despite the increase, Nigeria's debt-to-GDP ratio is projected to be 32.3 percent in 2026, decreasing from 35.5 percent in 2025 according to IMF data, while the Central Bank projects 34.68 percent by end-2026.
Public debt as a percentage of GDP is projected at 34.68 percent by end-2026, compared with 33.98 percent as at June 2025, predicated on expected new borrowings to fund budget deficits and infrastructure projects.
Analysts say stronger naira masks the rise in Nigeria's public debt, with the local currency appreciation helping to reduce the naira value of external obligations during the quarter under review.
The DMO report comes amid ongoing concerns about debt burden and fiscal sustainability, with stakeholders calling for improved revenue generation and prudent borrowing to ensure long-term economic stability.
