Nigeria’s domestic debt service more than tripled to N3.14 trillion in the first quarter of 2026 from N989.24 billion in the same period of 2024, driven largely by a sharp increase in interest payments.
The latest figures from the Debt Management Office (DMO) show that the federal government spent N2.97 trillion on interest payments in the first quarter, up from N902.68 billion two years earlier.
This means interest alone in the first quarter of 2026 was about three times the government’s entire domestic debt service bill in the corresponding period of 2024.
Total domestic debt service rose from N989.24 billion in Q1 2024 to N2.61 trillion in Q1 2025 and N3.14 trillion in Q1 2026, representing a 217 percent increase over the two years.
The increase was not driven by principal repayments. Principal payments stood at N169.68 billion in Q1 2026, down 29.9 percent from N241.91 billion a year earlier,
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