FG Spends N3.14tn Servicing Domestic Debt in Q1 2026 — DMO
The Federal Government spent N3.14 trillion servicing its domestic debt in the first quarter of 2026, according to the Debt Management Office (DMO).
The DMO disclosed this in its latest domestic debt service report for the quarter, showing that N2.97 trillion of the total went to interest payments, while N169.68 billion was used for principal repayments.
Domestic debt service increased steadily throughout the quarter. The government spent N741.82 billion in January, N967.67 billion in February and N1.43 trillion in March.
The March figure was 47.7 per cent higher than the N967.67 billion recorded in February and 92.7 per cent above the N741.82 billion spent in January.
Interest payments accounted for approximately 94.6 per cent of the total domestic debt service during the three-month period.
Treasury bills accounted for the largest portion of the interest payments, at about N1 trillion, while interest payments on Federal Government bonds stood at N1.96 trillion.
The government also spent N4.24 billion on interest payments for FGN savings bonds during the period.
Meanwhile, the principal repayment component amounted to N169.68 billion, representing repayments on naira-denominated promissory notes.
The figures indicate a significant increase in domestic debt servicing during the quarter, with March alone accounting for almost half of the N3.14 trillion spent between January and March.
Nigeria’s total public debt also rose marginally to N159.35 trillion in the first quarter of 2026, representing a 0.01 per cent increase.
President Bola Tinubu had earlier said the Federal Government would spend $11.6 billion on debt servicing in 2026, up from $5.2 billion in 2025.
