By George Omagbemi
Nigeria’s total public debt reportedly rose to ₦159.35 trillion as of March 31, 2026, representing an increase of approximately ₦9.96 trillion, or 6.7 per cent, from the ₦149.39 trillion recorded at the end of March 2025.
The figure, attributed to the latest public debt portfolio report of the Debt Management Office (DMO), highlights the continued growth of Nigeria’s debt obligations amid efforts by the Federal Government to finance its budget, infrastructure projects and other public expenditure.
The DMO’s records confirm that Nigeria’s total public debt stood at ₦149.39 trillion at the end of March 2025. The debt comprised both domestic and external obligations.
The reported increase of almost ₦10 trillion within one year has renewed concerns about Nigeria’s borrowing trajectory and the government’s capacity to manage its growing debt-service obligations.
However, an increase in the naira value of total debt does not necessarily mean that Nigeria borrowed the entire additional ₦9.96 trillion during the period. Changes in the exchange rate can significantly affect the naira value of external debt, particularly when foreign-currency obligations are converted into naira.
Nigeria’s debt challenge has remained a major issue in economic discussions, especially as the government seeks to increase revenue while maintaining spending on infrastructure and social programmes.
The central concern is therefore not simply the size of the debt but how borrowed funds are deployed and whether they generate sufficient economic returns to support repayment.
Borrowing for productive infrastructure that expands economic activity, employment and government revenue can contribute to long-term growth. However, persistent borrowing to finance recurrent expenditure could increase pressure on future budgets.
For ordinary Nigerians, rising debt also matters because substantial debt-service commitments can limit the resources available for healthcare, education, infrastructure and other public services.
The latest debt figure therefore strengthens calls for greater transparency in government borrowing, stronger domestic revenue mobilisation and tighter expenditure controls.
Nigeria must ensure that every naira borrowed is properly accounted for and invested in projects capable of improving economic productivity.
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