Nigeria's Debt Surges to N166.79 Trillion by 2026

Nigeria's public debt has escalated significantly, increasing from N17.36 trillion in 2016 to N166.79 trillion as of June 30, 2026, marking an 861 percent rise over ten years. This debt accumulation, amounting to an additional N149.43 trillion, has resulted in a per capita debt increase from approximately N88,800 in 2016 to about N716,800 in 2026, reflecting a 707 percent rise.

The Debt Management Office attributes this surge to increased borrowing, currency depreciation, and rising debt-servicing obligations, which are straining the country's fiscal space. Analysts, including Professor Bongo Adi and Professor Tayo Bello, express concerns that this growing debt burden is being passed onto future generations without adequate accountability or clarity on the use of borrowed funds.

Additionally, President Bola Tinubu's plans to secure further external loans of $20.52 billion and €1.05 billion for development in 2026 and 2027 have intensified worries regarding Nigeria's ability to manage its debt service obligations sustainably.