Nigeria's Debt Per Citizen Surges to N716,822 in 2026

Nigeria's public debt burden per citizen has escalated to N716,822, a significant rise from N383,442 three years prior, marking an increase of approximately 87%. This calculation is based on data from the Debt Management Office (DMO) and World Bank population estimates.

As of June 30, 2026, Nigeria's total public debt stock stands at N166.79 trillion, up from N87.38 trillion in June 2023. The population estimate for 2026 is approximately 232,679,478.

Analysts indicate that part of the increase in the naira-denominated debt reflects currency depreciation rather than solely new borrowing. The official exchange rate has deteriorated from N769.25/$1 in June 2023 to about N1,329/$1 in September 2026.

Debt servicing costs are projected to exceed $11.6 billion in 2026, raising alarms about the country's ability to manage its debt sustainably. Using the National Population Commission's projection, the per-capita debt burden could rise to roughly N772,175.