Nigerian Treasury Bills (NTBs) accounted for another N1.003 trillion in interest payments, comprising N262.57 billion in January, N258.90 billion in February and N481.47 billion in March. The rising domestic debt-service burden comes against the backdrop of the federal government’s continued reliance on the domestic debt market to finance budget deficits and meet expenditure obligations. However, while the cost of servicing domestic obligations increased sharply, Nigeria recorded a significant moderation in its external debt-service payments during the review period. The external debt-service expenditure comprised $308.33 million in principal repayments, $623.22 million in interest payments and $22.50 million in other charges. Nigeria had paid $759.58 million in external debt principal in the first quarter of 2025, more than twice the $308.33 million recorded in the first three months of 2026.