Treasury Bills, Bonds Lead Nigeria’s N77.81 Trillion Domestic Debt Stock

Nigeria’s domestic debt climbed to N77.81 trillion as of September 2025, reflecting the Federal Government’s ongoing reliance on the local debt market, according to data from the Debt Management Office.

Federal government bonds remain the dominant component of the debt structure, accounting for about 80 percent of the total, while treasury bills, Sukuk, savings bonds, green bonds, and promissory notes make up the balance. The mix illustrates the government’s approach of combining long-term and short-term instruments to meet funding and liquidity needs.

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FGN bonds total N61.9 trillion, including N60.64 trillion in naira and N1.35 trillion in U.S. dollars. Treasury bills stand at N12.68 trillion (16.3 percent), Sukuk bonds at N1.29 trillion, FGN Savings Bonds at N97.46 billion (0.13 percent), and FGN Green Bonds at N62.36 billion (0.08 percent). Promissory notes account for N1.69 trillion, with N431.22 billion in naira and N1.25 trillion in foreign currency.

Long-term instruments such as FGN bonds provide stable financing over extended periods, while treasury bills address short-term liquidity. Savings bonds and green bonds, though small in value, aim to broaden investor participation—targeting retail investors and funding sustainable projects, respectively. Sukuk bonds support infrastructure financing, and promissory notes are issued to settle verified legacy obligations.

The data underscore the continued predominance of conventional bonds and treasury bills in Nigeria’s domestic debt while signalling gradual efforts to diversify funding sources and expand domestic market participation.