Nigeria's total public debt reached N166.79 trillion as of June 2026, placing an estimated burden of about N717,000 on each citizen, according to figures attributed to the Debt Management Office (DMO). The debt stock rose by N7.44 trillion in the second quarter, renewing concerns about whether government borrowing is translating into tangible improvements for ordinary Nigerians.
Quarterly Increase and Debt Composition
The DMO figures show that Nigeria's public debt increased from N159.35 trillion in March 2026 to N166.79 trillion by June 30, representing a quarterly rise of approximately 4.7 per cent. Domestic debt accounted for N91.59 trillion, or 54.91 per cent of the total, while external obligations stood at N75.20 trillion, or 45.09 per cent.
Compared with the N87.38 trillion recorded in June 2023, the debt stock has increased by N79.41 trillion, approximately 90.9 per cent in naira terms. The estimated per-capita burden has surged by about 87 per cent from N383,442 per person in June 2023, based on population estimates cited in the report.
Currency Depreciation and Population Assumptions
Part of the increase reflects the impact of naira depreciation on foreign debt when converted into local currency. A weaker naira raises the naira value of dollar-denominated obligations, even where the underlying dollar amount has not increased proportionately. The supplied figures put Nigeria's total debt at about $113.6 billion in June 2023 and $120.93 billion in June 2026, a considerably smaller percentage increase than the naira comparison suggests.
Population assumptions also affect the calculation. The estimated N717,000 burden uses a population figure of about 232.68 million. A different population estimate would produce a different result. These distinctions matter when assessing how much of the increase reflects additional borrowing and how much reflects valuation changes.
Business Leaders Question Borrowing Benefits
Dr Femi Egbesola, national president of the Association of Small Business Owners of Nigeria, said borrowing could support development when it finances productive investment, creates jobs and expands government revenue. However, he questioned whether the growing obligations were translating into reliable power, lower production costs, improved infrastructure and easier access to finance for small businesses.
"Nigeria must move from simply measuring how much we owe to asking what we are achieving with what we borrow," he said.
David Adonri, vice chairman of Highcap Securities Limited, similarly argued that improvements in infrastructure and productivity should accompany rising debt. He warned that inefficient borrowing could squeeze private investment and increase pressure on future budgets, according to a report by Leadership.
Civil Society and Analysts Call for Accountability
Auwal Ibrahim Musa Rafsanjani, executive director of the Civil Society Legislative Advocacy Centre, called for clearer evidence of how borrowed money is spent. He urged the government to identify the projects financed, their contractors, results achieved and expected economic or social returns.
Pelumi Oladeji, founder of DAL Concept Strategy, warned that rising servicing obligations could leave less government revenue available for education, healthcare, infrastructure and security. He said stronger productivity, export growth, improved revenue collection and spending discipline would be essential to managing the burden.
For citizens, the central issue remains what borrowing delivers. Productive investments can strengthen repayment capacity, but poorly utilised loans leave future budgets carrying obligations without corresponding benefits. The challenge is to ensure today's borrowing produces measurable gains that improve lives and support tomorrow's public finances.
