Nigeria's Debt Surges 90.9% Under President Tinubu

As of June 30, 2026, Nigeria's total public debt stock has increased by 90.9% since President Bola Tinubu assumed office in May 2023, rising from N87.38 trillion to N166.79 trillion, according to the Debt Management Office (DMO). The federal government accounts for approximately N152.77 trillion (about 91.6%), while states and the Federal Capital Territory (FCT) hold N14.01 trillion (about 8.4%).

The DMO reported that debt rose from N159.28 trillion at the end of December 2025 to N166.79 trillion by June 2026, marking an increase of N7.44 trillion in the second quarter. External debt rose from $42.49 billion in December 2023 to $54.52 billion by June 2026, while domestic debt increased from N59.1 trillion to N91.59 trillion in the same period.

Despite reforms such as the removal of the petrol subsidy, analysts have expressed concerns about the rising debt profile, labeling it unsustainable and warning of its implications for fiscal space. Leye Kupoluyi, president of the Lagos Chamber of Commerce and Industry, and Dr Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, have both raised alarms regarding debt sustainability and its impact on capital spending.