The latest figures from the Debt Management Office (DMO) show total public debt increased marginally from N159.28 trillion at the end of December 2025. Year-on-year, total debt increased by N9.96 trillion, or 6.67%, from N149.39 trillion in March 2025. Domestic debt accounted for 54.85% of total public debt in March, compared with 53.27% three months earlier. Treasury Bills accounted for the largest increase among major Federal Government domestic debt instruments. The stronger naira temporarily reduced the local-currency burden of external debt, but the underlying rise in domestic obligations shows that Nigeria’s borrowing requirement remains substantial.