The Debt Management Office (DMO) has revealed that Federal Government of Nigeria (FGN) Bonds made up over N59.796 trillion, representing 79.85 percent of the federal government’s N74.89 trillion domestic debt stock as of March 31, 2025.
According to the latest public debt figures published by the DMO, the total public debt stock—covering obligations of the federal, state governments and the Federal Capital Territory (FCT)—rose by 3.3 percent quarter-on-quarter, increasing by N4.72 trillion from N144.67 trillion in December 2024 to N149.39 trillion in the first quarter of 2025.
Of the total N78.56 trillion domestic debt recorded by the three tiers of government as of March 31, the federal government was responsible for N74.89 trillion, while the states and FCT accounted for N3.87 trillion.
A breakdown of the instruments constituting the federal government’s domestic debt shows that FGN Naira Bonds contributed N58.39 trillion, while FGN US Dollar Bonds stood at N1.41 trillion. Nigerian Treasury Bills (NTBs) followed as the second-highest component with N12.70 trillion or 16.96 percent.
Other debt instruments include FGN Sukuk Bonds at N992.56 billion (1.33 percent), FGN Savings Bonds at N82.61 billion (0.11 percent), and FGN Green Bonds—the least—at N15 billion (0.02 percent). However, the value of the Green Bond is expected to rise following the issuance of the N50 billion Series III Sovereign Green Bond, which recorded an oversubscription of N91.42 billion and a final allocation of N47.34 billion at an annual coupon rate of 18.95 percent.
Additionally, Promissory Notes contributed N1.30 trillion or 1.74 percent to the FGN’s domestic debt, with N271.42 billion in local currency and N1.03 trillion in foreign-denominated notes.
In the subnational debt profile, Jigawa remained the least indebted state with liabilities slightly above N1 billion. Lagos State topped the chart with N874 billion in domestic debt, followed by Rivers with N364.39 billion and Delta with N204.72 billion.
