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Nigeria’s Public Debt Hit N159.35tn In March — DMO

Nigeria’s total public debt stock rose to N159.35tn at the end of March 2026, increasing by almost N10tn within one year, latest figures from the Debt Management Office have shown.
An analysis of the DMO data by The PUNCH on Friday showed that the country’s debt increased by N9.96tn or 6.67 per cent from N149.39tn recorded at the end of March 2025 to N159.35tn one year later.
In dollar terms, the increase was considerably higher at 18.22 per cent, with the debt stock rising by 97.24bn to $`114.95bn over the period.
However, the three-month movement between December 2025 and March 2026 was far more modest in naira terms.
Total public debt rose by just N75.51bn or 0.05 per cent from N159.28tn at the end of December to N159.35tn in March. In dollar terms, however, the debt climbed by $3.98bn or 3.59 per cent from $110.97bn during the same period.
The divergence between the naira and dollar movements partly reflected changes in the exchange rate used by the DMO to translate foreign debt into local currency.
The agency used an official Central Bank of Nigeria exchange rate of N1,386.2156/$ for the March 2026 figures, compared with N1,435.2571/$ at the end of December 2025.
This represented an appreciation of about 3.42 per cent in the exchange rate used for debt conversion.
As a result, while Nigeria’s external debt increased slightly in dollar terms during the first three months of 2026, its naira value declined substantially.
External debt stood at $51.90bn in March, up by only $48.05m or 0.09 per cent from `$51.86bn in December. But its naira equivalent fell by N2.48tn or 3.33 per cent from N74.43tn to N71.95tn.
READ ALSO: DMO Unveils July FGN Savings Bond As CBN Offers N250bn In Treasury Bills
The fall in the naira valuation of external debt was almost entirely offset by increased domestic borrowing.
Total domestic debt rose by N2.55tn or 3.01 per cent in three months, moving from N84.85tn in December 2025 to N87.40tn in March 2026.
Consequently, domestic obligations increased their dominance in Nigeria’s debt portfolio, accounting for 54.85 per cent of total debt in March compared with 53.27 per cent three months earlier.
External debt’s share fell correspondingly from 46.73 per cent to 45.15 per cent.
The one-year figures reveal an even stronger shift towards domestic borrowing.
Domestic debt increased by N8.64tn or 10.98 per cent from N78.76tn in March 2025 to N87.40tn in March 2026. Its share of total public debt consequently increased from 52.72 per cent to 54.85 per cent, a rise of 2.13 percentage points.
External debt, by comparison, increased in naira terms by only N1.32tn or 1.87 per cent from N70.63tn a year earlier.
But the dollar figures tell a different story. Nigeria’s external debt increased by 45.98bn in March 2025 to $`51.90bn in March 2026. The much smaller rise in its naira value reflected the stronger exchange rate used in translating the March 2026 stock.
The Federal Government remained by far the dominant borrower in the domestic market.
FGN domestic debt increased from N80.49tn in December to N82.88tn in March, representing an increase of N2.39tn or 2.97 per cent in three months. Compared with N74.89tn in March 2025, the stock rose by N7.99tn or 10.67 per cent within one year.
READ ALSO: World Bank Remains Nigeria’s Top Creditor As Debt Hits N152.4tn — DMO
The FGN domestic component alone accounted for 52.01 per cent of Nigeria’s entire public debt stock at the end of March 2026, up from 50.53 per cent in December and 50.13 per cent in March 2025.
Domestic debt owed by the 36 states and the Federal Capital Territory also increased.
The stock rose by N163.25bn or 3.74 per cent from N4.36tn at the end of December to N4.52tn in March. Compared with N3.87tn in March 2025, states and FCT domestic debt increased by N654.58bn or 16.92 per cent.
An examination of the Federal Government’s domestic debt instruments showed that the first-quarter increase was driven mainly by Treasury Bills rather than conventional FGN bonds.
The outstanding value of Nigerian Treasury Bills jumped by N2.71tn or 19.60 per cent in only three months, from N13.85tn in December 2025 to N16.57tn in March 2026.
Compared with the N12.70tn outstanding in March 2025, Treasury Bills increased by N3.87tn or 30.45 per cent in one year.
Their share of FGN domestic debt consequently increased from 16.96 per cent in March 2025 and 17.21 per cent in December to 19.99 per cent in March 2026.
FGN bonds remained the largest domestic debt instrument at N63.45tn, representing 76.56 per cent of the Federal Government’s domestic obligations in March.
However, the amount was N179.25bn or 0.28 per cent below the N63.63tn recorded in December. Its share of the domestic portfolio also declined by 2.5 percentage points from 79.06 per cent at the end of 2025.
On a year-on-year basis, total FGN bonds increased by N3.66tn or 6.12 per cent from N59.80tn in March 2025.
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The March 2026 bond figure included N39.46tn in conventional naira bonds, N22.72tn in securitised Ways and Means advances and N1.27tn in the domestic US dollar bond. The securitised Ways and Means component was unchanged from December.
The domestic dollar bond declined in naira terms from N1.32tn in December to N1.27tn in March, largely reflecting the appreciation in the exchange rate used for conversion.
The underlying outstanding amount remained `$917.41m, according to the DMO.
Other domestic instruments showed mixed movements.
FGN Sukuk remained unchanged at N1.19tn during the quarter but was N200bn or 20.15 per cent higher than the N992.56bn recorded in March 2025.
Savings bonds rose by N11.89bn or 11.39 per cent from N104.32bn in December to N116.21bn in March. Compared with N82.61bn a year earlier, the stock increased by 40.66 per cent.
Green bonds remained unchanged at N62.36bn during the quarter but were more than four times the N15bn recorded in March 2025.
Promissory notes moved in the opposite direction during the quarter, falling by N158.78bn or 10.28 per cent from N1.54tn in December to N1.39tn in March. Despite the quarterly decline, the stock remained N84.03bn or 6.46 per cent above its March 2025 level of N1.30tn.
On the external side, multilateral loans remained Nigeria’s largest single category of foreign borrowing, standing at $`23.86bn or 45.96 per cent of external debt in March 2026.
This was virtually unchanged from $23.85bn in December but represented a $1.42bn or 6.35 per cent increase from `$22.43bn in March 2025.
The International Development Association, the concessional lending arm of the World Bank, remained Nigeria’s single largest external creditor with $`18.39bn outstanding.
READ ALSO: JUST IN: Nigeria’s Public Debt Rose By N24.33tn In Three Months – DMO
This was slightly lower than $18.51bn at the end of December but $1.40bn higher than the `$16.99bn recorded a year earlier.
Debt to the International Bank for Reconstruction and Development increased to 1.38bn in December and $`1.24bn in March 2025.
Bilateral debt stood at $6.59bn in March, falling by $139.39m or 2.07 per cent from $6.72bn in December, but remaining $550.58m or 9.12 per cent above the `$6.03bn recorded in March 2025.
China remained the largest bilateral creditor, with 507.52m to the China Development Bank.
Eurobond debt was unchanged at 1.23bn or 7.10 per cent higher than the $17.32bn outstanding in March 2025.
The PUNCH earlier reported that the Federal Government increased its borrowing plan for 2026 to N29.20tn following an expansion in the proposed budget size.
The figure was an increase of N11.31tn when compared with the earlier N17.89tn borrowing projection contained in the 2026 Abridged Budget Call Circular issued by the Federal Ministry of Budget and Economic Planning.
(PUNCH)
News
IELTS Speaking: How Nigerian Candidates Can Improve Their Band Score
For most Nigerian candidates applying to study, work or migrate abroad, the IELTS Speaking test is the single most nerve-wracking 11 to 14 minutes of the entire exam.
Unlike Listening or Reading, there is no answer sheet to fall back on, and the pressure of speaking directly to a trained examiner can make it easy to freeze or, just as damagingly, over-prepare until you sound robotic.
The good news is that the test is graded against four public, named criteria, rather than a vague impression of how confident you sounded. Understanding exactly what each criterion rewards can therefore be one of the fastest ways to improve your band score.
Understand what the examiner is listening for
Every Speaking test is scored equally across four categories: Fluency and Coherence, Lexical Resource, Grammatical Range and Accuracy, and Pronunciation, each worth 25 percent of the final band.
Fluency and Coherence measures whether you can keep talking without excessive hesitation, and whether your ideas connect logically rather than jumping around.
Lexical Resource measures the range and precision of your vocabulary, including whether you can paraphrase a question instead of repeating the examiner’s own words back at them.
Grammatical range and accuracy looks at how varied and accurate your sentence structures are, from simple statements to more complex clauses using words like although, because, or if.
Pronunciation covers clarity, stress, and intonation, not whether you sound like a native speaker from a particular country.
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This last point matters enormously for Nigerian candidates specifically: a Nigerian accent does not lower your score. IELTS examiners are trained to assess intelligibility, not accent neutrality, and both the British Council and IELTS Australia explicitly confirm that speaking with an accent is not penalised as long as your pronunciation is clear enough to be understood without strain.
What actually costs marks is mumbling, running words together so meaning is lost, or shifting stress patterns so unpredictably that the examiner has to work to follow you. Focus your practice on clarity, not on erasing an accent that was never the problem.
Never memorise answers
One of the biggest mistakes candidates can make in the Speaking test is relying on a memorised response, particularly in Part 2, the two-minute monologue based on a task card.
Examiners listen to many candidates and are trained to recognise rehearsed language, whether it is a pre-written answer or a generic template adapted to whatever topic appears.
A scripted answer can sound stiff, contain unnaturally advanced vocabulary that does not match the rest of the candidate’s speech, or ignore the specific details of the task card in favour of prepared content.
When an examiner detects this, it can affect your Fluency and Coherence score because genuine coherence comes from responding directly to what was asked, rather than delivering a monologue prepared in advance.
The solution is not to avoid preparation. Instead, prepare a structure rather than memorising sentences.
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For Part 2, practise a flexible structure that covers the setup, specific details, a turning point or reflection, and what you think about the subject now. Then fill that structure with fresh details based on the topic you receive on test day.
This gives you the organisation examiners reward without the unnatural delivery of a memorised script.
Use natural fillers and steady pace, not dramatic slowdown
It is perfectly acceptable to pause briefly to think. Natural fillers such as “That’s an interesting question” or “Let me think about that” can give you time to organise a more complex response without necessarily costing you marks.
Used sparingly, such phrases can sound like normal discourse markers rather than signs of weakness.
However, dramatically slowing down your speech to avoid mistakes is not a good strategy.
Multiple examiner-facing sources emphasise that speaking too slowly can be just as problematic as speaking too quickly. Fluency and Coherence partly involve how naturally your language flows, and an overly cautious pace can make your speech sound unnatural or uncertain.
READ ALSO: UK Skilled Worker Visa: 10 Ways To Prepare For Your Interview
The target is a steady, natural pace — similar to how you would explain something to a friend. You do not need to race through your answers, but you also should not deliberately stretch every sentence.
If you genuinely do not understand a question, do not guess or pretend you do. Politely asking the examiner to repeat or rephrase the question is explicitly stated by the British Council to have no effect on your score.
That is safer than answering a question you did not understand, because an irrelevant or confused response can affect your coherence more than a brief request for clarification.
Use idioms only when they actually fit
Rare or idiomatic vocabulary can contribute to a strong Lexical Resource score, as the official descriptors reward the natural use of less common and idiomatic vocabulary.
The key word, however, is naturally.
Using an idiom simply because you memorised it from a study list can work against you if it does not fit the context, is mispronounced or sounds rehearsed.
An expression that is forced into an answer can make your speech sound unnatural and may suggest that you are relying on memorised language rather than demonstrating genuine vocabulary range.
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One or two well-placed idiomatic expressions used correctly and naturally can therefore be more useful than filling your answers with several memorised phrases.
If you are not confident about an expression or it does not come to you naturally, use a clear, simple sentence instead. A natural response is preferable to a complicated phrase that is confused, forced or mispronounced.
FAQs
Does a strong Nigerian accent negatively impact an applicant’s final IELTS speaking score?
No. Examiners assess pronunciation for clarity and intelligibility, not for how closely you sound like a native speaker of a specific variety of English. A Nigerian accent is not penalised as long as your speech is clear enough to be easily understood; unclear articulation or unpredictable stress patterns are what actually cost marks, regardless of accent.
What should a candidate do if they completely misunderstand the examiner’s question?
Ask the examiner to repeat or rephrase it. This is explicitly permitted and, according to the British Council, does not affect your score. Guessing at an answer to a question you didn’t understand is far riskier, since it can produce an off-topic or confused response that damages your Coherence score.
How does using rare idioms correctly boost the Lexical Resource score in the IELTS exam?
Correctly used idiomatic language demonstrates the range and flexibility that the official Band 7 and above descriptors specifically call for, which can meaningfully lift a Lexical Resource score. The key word is correctly: a forced, mispronounced, or contextually awkward idiom has the opposite effect, since examiners are trained to notice when an expression sounds rehearsed or doesn’t fit the sentence around it.
(TRIBUNE)
News
Group Commends COREN For Training Engineers In Engineering Failure, Forensic Investigation In Nigeria
Foundation for the Development of Shira Community (FODESCO) in Shira Local Government Area of Bauchi state has commended the Council for the Regulation of Engineering in Nigeria (COREN) for conducting a pioneer training on Engineering Failure and Forensic Investigation (EFFI) for 50 licensed engineering practitioners across the country.
Engr. Shehu Wakili, the Chairman of the Foundation made the commendation in an interview with newsmen on Friday.
According to him, the training which was conducted by COREN in collaboration with the Nigerian Building and Road Research Institute (NBRRI) and the Chartered Institute of Forensic and Certified Fraud Investigators of Nigeria (CIFCFIN), was to equip engineers and professionals from academia, industry, and government MDAs with practical skills to investigate infrastructure failures and prevent recurring building collapses.
READ ALSO: ICPC, COREN Working To Curb Quackery In Engineering — Don
He added that the training was also to build a pool of trained specialists who could investigate building collapses and other engineering failures, determine their root causes, and recommend measures to prevent recurrence, saying that the trainees would form part of a register of trained and certified forensic engineering investigators.
He further lauded COREN for the subsequent induction of its member, Engr. Abdullahi Muhammad MNSE, who among the 50 participants, hails from Bauchi state as a Chartered Engineering Forensic and Failure Investigator (CEFFI), certified by CIFCFIN.
“FODESCO is proud of him and wishes him well in all his endeavours”, he prayed.
Wakili, also the Chairman, Nigerian Society of Engineers (NSE), Bauchi state chapter, revealed that the training covered failure analysis, forensic investigation methodologies, risk assessment, and professional reporting.
“This initiative supports broader efforts by COREN and the National Assembly to enforce stricter building codes, identify quackery, and ensure accountability across the construction sector,” he said.
News
NBS: Lagos, Rivers, Enugu Top List As States Generated N5.15trn In 2025
The National Bureau of Statistics (NBS) has disclosed that 36 states and the FCT generated a total of ₦5.15 trillion in 2025, indicating a growth rate of 40.93 percent from ₦3.65 trillion recorded in 2024.
NBS stated on Thursday citing the Nigeria Revenue Service ( NRS) as source of its information that Lagos emerged top on the list of states with the highest revenue generation in the sum of ₦1.77 trillion.
“Followed by Rivers state ₦428.42 billion and Enugu with IGR record of ₦406.77 billion in the period referenced.”
The. Bureau said Yobe, Ebonyi and Sokoto states reported the least revenues with ₦16.01 billion, ₦17.18 billion and ₦20.48 billion, respectively.
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According to NBS, Pay As You Earn (PAYE) was the most tax revenue recorded during the period, valued at ₦2.64 trillion, representing 69.51 percent of the total tax revenue collected, while capital gains tax was the least with ₦12.40 billion while the share of total tax revenue to total IGR was 73.64 percent nationally.
“Other states and their share of IGR are FCT – N356.34 billion, Ogun – N252.36 billion, Delta – N202.49 billion, Edo – N132.21 billion, Oyo – N103.25 billion and Kano – N102.26 billion.
“Ten other states in lowest category of IGR include Yobe – N16.01 billion, Ebonyi – N17.18 billion, Sokoto – N20.48 billion, Taraba – N28.16 billion ; Benue – N29.57 billion, Zamfara – N30.07 billion, Kebbi – N31.23 billion, Nasarawa – N32.57 billion, Adamawa – N33.76 billion andcBorno – N36.36 billion “.
READ ALSO: Nigeria’s Economy Grew By 3.13% In Q1 2025 — NBS
NBS noted that the states generated their most and least revenue from taxes and other government sources. “PAYE was the dominant revenue source nationally, generating N2.64 trillion and accounting for 69.51% of total tax revenue for the year.
“Other sources included direct assessment, road taxes, stamp duties, withholding taxes and capital gains tax, which was the smallest contributor at N12.40 billion,” the Bureau stated.
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