The Debt Management Office (DMO) has revealed that President Bola Tinubu’s administration spent more on servicing domestic debt in the first quarter of 2026 than it did during the corresponding period in 2025.

According to the fiscal agency, Mr Tinubu’s administration spent N3.14 trillion to service domestic debt in the first three months of this year, compared with N2.61 trillion paid during the same period last year, representing a 20.3 per cent increase.

The debt-servicing bill also increased by 37.5 per cent from the N2.28 trillion recorded in the fourth quarter of 2025, with interest payments accounting for the majority of the cost at N2.97 trillion, while principal repayments stood at N169.68 billion in the first quarter of 2026.

The report noted that in the first quarter of 2025, interest payments amounted to N2.37 trillion, while principal repayments were N241.91 billion.

Figures released by the DMO also showed that interest expenses rose steadily in the first quarter of 2026, from N726.38 billion in January to N967.67 billion in February, before climbing to N1.28 trillion in March.

The figures indicate a significant increase in domestic debt-servicing expenditure between January and March 2026 compared with the corresponding period in 2025.