Nigeria’s domestic debt reached N77.81 trillion as of September 2025, signaling the Federal Government’s ongoing dependence on the local debt market.

According to the latest figures released by the Debt Management Office on its official website, federal bonds remain the largest component of the country’s domestic debt.

The data also reflect the government’s strategy of combining long-term and short-term borrowing instruments to manage its financing needs.

The September 2025 figure represents a sharp rise from the N1.707 trillion recorded in the second quarter of 2025 (April–June), according to the DMO.

Federal bonds, treasury bills, and smaller allocations in Sukuk, savings bonds, green bonds, and promissory notes make up the bulk of the total.

This breakdown highlights how the Federal Government structures its borrowing mix to manage funding requirements and maintain liquidity.

The latest DMO data show that FGN Bonds dominate Nigeria’s domestic debt, accounting for roughly 80 per cent of the total stock.

Total FGN Bonds stand at N61.9 trillion, with N60.64 trillion in Naira-denominated bonds and N1.35 trillion in US dollar-denominated bonds.

Nigerian Treasury Bills make up N12.68 trillion, or 16.3 per cent of total domestic debt, while Sukuk bonds are valued at N1.29 trillion.

FGN Savings Bonds total N97.46 billion, representing 0.13 percent of the portfolio, while FGN Green Bonds stand at N62.36 billion, or 0.08 per cent.

Promissory Notes amount to N1.69 trillion, accounting for 2.17 percent of outstanding instruments, with N431.22 billion in Naira-denominated notes and N1.25 trillion in foreign currency-denominated notes.

The data underscore that conventional bonds and treasury bills continue to dominate Nigeria’s domestic debt structure, while specialised instruments such as green bonds and savings bonds remain a relatively small component.

Nigeria’s domestic debt portfolio reflects the Federal Government’s deliberate borrowing strategy. Long-term instruments, such as FGN Bonds, provide stable funding over extended periods, while treasury bills are used to meet short-term liquidity needs.

FGN Savings Bonds target retail investors and small savers, offering an accessible way to participate in government securities and broaden domestic investment.

Meanwhile, FGN Green Bonds are dedicated to financing environmentally sustainable initiatives, including renewable energy, climate adaptation, and conservation projects.