Nigeria’s external debt stock has increased by about $11.4 billion since President Bola Ahmed Tinubu assumed office, reflecting a combination of new borrowing and changes in the valuation of existing obligations.
Data cited in the latest report shows that the country’s external debt rose from about $42.5 billion in June 2023 to $53.9 billion by June 2026. The increase has occurred as the Federal Government has continued to access financing from multilateral institutions, international markets and other external sources.
The Debt Management Office’s latest data puts Nigeria’s total external debt at about $54.52 billion as of June 30, 2026, while total public debt stood at $120.93 billion.
The rise in external obligations has taken place alongside efforts by the government to finance infrastructure, economic reforms and other public programmes. However, higher foreign-currency liabilities also expose public finances to exchange-rate movements and increase the importance of effective debt management.
Nigeria’s total public debt increased from ₦159.35 trillion in March to ₦166.79 trillion in June 2026, according to the DMO, with external debt accounting for about 45 per cent of the total.
The figures keep debt sustainability and the cost of servicing government obligations at the centre of discussions over Nigeria’s fiscal position and future borrowing strategy.
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