As of March 31, 2025, Federal Government of Nigeria (FGN) Bonds represented a substantial N59.796 trillion, or 79.85%, of the total domestic debt obligations amounting to N74.887 trillion.
The overall public debt, including that of state governments and the Federal Capital Territory (FCT), experienced a quarter-on-quarter increase of 3.3%, rising by N4.72 trillion from N144.67 trillion at the end of 2024 to N149.39 trillion in early 2025.
According to the Debt Management Office (DMO), the total domestic debt as of March 31, 2025, was N78.56 trillion, with the federal government responsible for N74.89 trillion, while the states and FCT accounted for N3.869 trillion.
Among the federal government’s domestic debt instruments, FGN Bonds made up around 80% of the obligations, with N58.387 trillion attributed to Naira Bonds and N1.409 trillion to US Dollar Bonds.
Nigerian Treasury Bills (NTBs) were the second-largest component, totalling N12.699 trillion (16.96%), followed by FGN Sukuk at N992.557 billion (1.33%). FGN Savings Bonds accounted for N82.614 billion (0.11%), and FGN Green Bonds, which saw a rise thanks to a recent issuance of N50 billion, totalled N15 billion (0.02%).
Promissory Notes also contributed, amounting to N1.301 trillion (1.74%), with local currency notes at N271.418 billion and foreign currency notes at N1.029 trillion.
In terms of state debt, Jigawa emerged as the least indebted state with obligations just above N1 billion, while Lagos State led with N874 billion, followed by Rivers at N364.393 billion and Delta at N204.724 billion.
