BREAKING: Debt Per Nigerian Citizen Rises Above N700000 As Nigeria’s Borrowing Hits N166.79tn
Economists and financial experts have reacted as Nigeria’s debt profile surged to N166.79 trillion amid the country’s plan to secure a fresh $1.5 billion loan from the World Bank.
Naijaonpoint Nigeria reports that data released by Nigeria’s Debt Management Office, DMO, showed that the country’s debt profile had grown to N166.79 trillion as of June 2026.
The new debt figures released by the DMO indicated that Nigeria’s debt rose by 90.9 percent under Tinubu’s administration, increasing by N87.4 trillion to N166.79 trillion in June from N79.39 trillion in May 2023.
According to a further breakdown by the DMO, Nigeria’s external debt rose by 28.4 percent to $54.52 billion as of June 2026, while domestic debt increased by 55 percent to N91.59 trillion.
In a more specific calculation, the country’s current N166.79 trillion debt means that each Nigerian owes N716,822, representing an 87 percent increase from N383,442 three years ago.
Atiku, ActionAid react to Nigeria’s rising debt profile
The development has attracted condemnation from opposition party leaders, including Atiku Abubakar of the African Democratic Congress, ADC.
According to Atiku, the Tinubu government needs to tell Nigerians the impact of the country’s current debt burden before embarking on a fresh $1.5 billion loan from the World Bank.
Similarly, ActionAid Nigeria has also kicked against the country’s rising debt-servicing burden, which stood at N2.14 trillion in the second quarter of 2026, down from N3.14 trillion, according to the DMO.
Professor of Accounting at Lead City University, Godwin Oyedokun, and economist and Chief Executive Officer of SD & D Capital Management, Gbolade Idakolo, spoke to DAILY POST exclusively on the far-reaching implications of Nigeria’s rising debt profile.
Nigeria’s rising debt requires scrutiny, productive investment – Oyedokun
According to Oyedokun, Nigeria’s rising debt profile requires greater scrutiny. He stressed that the debate should not be limited to opposition to every new borrowing.
Oyedokun said the proposed additional $1.5 billion borrowing should be carefully assessed based on its purpose, cost, repayment terms and the economic value expected from the funds.
According to him, the key consideration should be whether the proposed borrowing would finance productive investments capable of generating jobs, increasing revenue and supporting sustainable economic growth.
“The proposed additional $1.5 billion should be assessed against its purpose, cost, repayment terms and, most importantly, whether it will finance productive investments that generate jobs, revenue and economic growth rather than recurrent expenditure,” he told DAILY POST.
He noted that borrowing could support economic development when properly targeted and transparently managed.
“The concern is not simply opposition to every new borrowing. The critical issue is the quality and accountability of how borrowed funds are deployed,” Oyedokun said.
He pointed to World Bank financing for Nigeria, noting that some of the loans and credits had been targeted at sectors and programmes aimed at strengthening investment and economic opportunities.
“The World Bank’s financing for Nigeria has included loans and credits targeted at areas such as investment and job creation, agriculture and MSME finance,” he said.
Oyedokun, however, stressed that the availability of financing was not enough, arguing that the government must demonstrate how such funds would translate into tangible economic outcomes.
“What matters is what the borrowed funds are used for, how effectively they are deployed and whether they generate sufficient economic value to justify the repayment burden,” he said.
He warned that Nigeria’s growing public debt could put additional pressure on the country’s future fiscal space if borrowing continued without corresponding economic returns.
“With public debt already placing pressure on future fiscal space, excessive borrowing can constrain the government’s ability to fund education, healthcare, infrastructure and employment opportunities for young Nigerians,” he said.
According to him, increasing debt obligations could reduce the resources available to the government for other critical sectors if borrowed funds fail to generate adequate returns.
Oyedokun called for a clear debt-to-development strategy that would link every major borrowing to specific and measurable economic objectives.
“Nigeria needs a clear debt-to-development strategy. Every significant borrowing should have measurable economic returns, transparent utilisation, strict project monitoring and a credible repayment plan,” he said.
He further urged stronger oversight of borrowed funds to ensure that projects financed with debt were completed and delivered the economic benefits for which the loans were obtained.
“Every significant borrowing should be subjected to transparent utilisation and strict project monitoring,” Oyedokun said.
He said the government should also provide Nigerians with sufficient information on the terms and expected outcomes of major borrowing programmes.