Nigeria’s total public debt reached ₦166.79 trillion in the second quarter of 2026, according to figures attributed to the Debt Management Office.
The latest numbers keep government borrowing and debt sustainability firmly in focus as Nigeria balances infrastructure and expenditure requirements against revenue mobilisation.
The debt figure as one of the major capital-market and fiscal developments in its September 28 edition.
Public debt includes obligations incurred by the federal and subnational governments through domestic and external borrowing.
The headline size of the debt stock is important, but debt sustainability also depends on factors such as government revenue, debt-service costs, maturity profiles, currency composition and economic growth.
Revenue Remains Central to Debt Debate
For Nigeria, one of the major fiscal challenges has been generating enough revenue to comfortably finance government obligations while maintaining spending on infrastructure and public services.
Borrowing can support economic development when funds are directed towards productive investments capable of generating wider economic benefits.
However, rising debt-service obligations can restrict fiscal flexibility when they consume a large share of government revenue.
The ₦166.79 trillion figure therefore provides another reference point for assessing Nigeria’s evolving fiscal position.
The impact of exchange-rate movements is also important where foreign-currency obligations are translated into naira.
Going forward, investors will continue watching government borrowing plans, revenue performance and debt-service costs for indications of how Nigeria intends to manage its growing debt portfolio.
