As of March 31, 2025, FGN Bonds constituted over N59.796 trillion, making up 79.85% of Nigeria’s total domestic debt obligations of N74.887 trillion, according to the latest figures from the Debt Management Office (DMO).
The overall public debt, which includes federal and state governments as well as the Federal Capital Territory (FCT), rose by 3.3% quarter-on-quarter, increasing by N4.72 trillion from N144.67 trillion at the close of 2024 to N149.39 trillion in early 2025.
The DMO’s report highlighted that the federal government was responsible for N74.89 trillion of the N78.56 trillion in total domestic debt, with the states and FCT accounting for N3.869 trillion.
Within the federal government’s domestic debt, FGN Bonds played a vital role, representing about 80% of the total obligations, with N58.387 trillion attributed to Naira Bonds and N1.409 trillion to US Dollar Bonds.
Following FGN Bonds, Nigerian Treasury Bills (NTBs) emerged as the second-largest debt instrument, totalling N12.699 trillion (16.96%), while FGN Sukuk and FGN Savings Bonds accounted for N992.557 billion (1.33%) and N82.614 billion (0.11%), respectively. The FGN Green Bond reached N15 billion (0.02%) following a successful N50 billion issuance.
Additionally, Promissory Notes contributed N1.301 trillion (1.74%), distributed between N271.418 billion in local currency and N1.029 trillion in foreign currency.
In terms of state debt profiles, Jigawa retained its position as the least indebted state with just over N1 billion in obligations, while Lagos State led with N874 billion, followed by Rivers at N364.393 billion and Delta at N204.724 billion.