Nigeria's Debt Hits N166.79 Trillion, Burden Per Citizen Rises

Nigeria's total public debt has escalated to N166.79 trillion, resulting in an estimated debt burden of N716,822 per citizen, marking an 87% increase from N383,442 per person in June 2023. This rise follows a N7 trillion borrowing by the government within three months.

The Debt Management Office reported that public debt increased from N159.35 trillion in March 2026 to N166.79 trillion by June 30, reflecting a quarterly rise of approximately 4.7%. Domestic debt constitutes N91.59 trillion (54.91%), while external obligations are N75.20 trillion (45.09%).

The increase in debt stock is partly attributed to currency depreciation affecting foreign debt valuation. Dr Femi Egbesola, president of the Association of Small Owners of Nigeria, emphasized the need for borrowed funds to translate into tangible benefits like improved infrastructure and job creation.

David Adonri, vice chairman of Highcap Securities Limited, echoed this sentiment, warning that inefficient borrowing could hinder private investment and strain future budgets.