The Debt Management Office (DMO) disclosed that federal government guarantees and contingent liabilities reached N7.84 trillion by the end of June 2026. Nairametrics detailed these figures in its coverage of the DMO’s report, which itemizes exposures related to electricity, banking, infrastructure, and pension commitments. The analysis identifies collateral tied to a specific foreign bank swap as the dominant share of the total liability stack.
The primary driver of this exposure is the security backing a $1.5 billion Total Return Swap with First Abu Dhabi Bank. This item valued at N2.74 trillion constitutes 34.99% of the overall total. To secure the funds, authorities issued bonds maturing in May 2032 with a 16.9556% coupon. Nairametrics explained that this drawdown forms part of a broader $5 billion facility, making it the single largest entry in the DMO’s breakdown of federal obligations.
Electricity-related commitments form the second-largest category. Put-Call Option Agreements for projects including Azura-Edo, Calabar, Afrinergia, and CT Cosmos generated N1.88 trillion in contingent liabilities, or 23.93% of the sum. Additionally, the state backed N501.02 billion in the initial tranche of the Nigeria Bulk Electricity Trading Plc (NBET) bond program. The DMO noted that NBET supplied the data underpinning these power-sector figures.
Other major items include a N1.18 trillion guarantee for the Bank of Industry, linked to a €750 million Eurobond, and N804.96 billion supporting the Lekki Deep Sea Port. Pension arrears for various ministries added N374.88 billion. Smaller exposures were recorded for mortgage banks, with the Nigeria Mortgage Refinance Company having utilized N29 billion from its available limit.
Nairametrics placed these numbers within the context of rising debt-service pressures. The publication previously noted that the state paid N5.28 trillion to service domestic debt in the first half of 2026. It further calculated that debt-service costs rose by N10.61 trillion from mid-2023 to late 2025, a period during which total borrowing reached N11.9 trillion.