Nigeria Debt Per Capita Hits N66,250 as Public Debt Soars to N159.28 Trillion Under Tinubu
- Nigeria's public debt reached N159.28 trillion, burdening citizens with N66,250 each by December 2025
- Domestic borrowing surged 14.1%, marking the Federal Government as the primary driver of national debt
- Calls for better legislative oversight emerged as debt continues to rise, highlighting the need for smarter revenue strategies
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Every Nigerian now carries a debt load of N66,250 after the country’s total public debt climbed to N159.28 trillion by the end of December 2025.
Fresh domestic and external borrowings under President Bola Tinubu pushed the figure higher, leaving citizens with a heavier financial burden amid rising living costs.
Source: Facebook
Debt climbs sharply in final quarter
Data released Tuesday, April 14, 2026, by the Debt Management Office (DMO) showed total public debt rose by N5.98 trillion (3.9 per cent) from N153.29 trillion at the end of September 2025.
Year-on-year, the increase was N14.61 trillion (10.1 per cent) from N144.67 trillion in December 2024.
Both domestic and external loans contributed to the quarterly jump. External debt grew from N71.48 trillion to N74.43 trillion (up N2.95 trillion or 4.1 per cent), while domestic debt rose from N81.82 trillion to N84.85 trillion (up N3.03 trillion or 3.7 per cent).
Domestic debt still formed the larger share at 53.27 per cent, with external debt at 46.73 per cent—a composition almost unchanged from the previous quarter.
In dollar terms, total debt increased from $103.94 billion to $110.97 billion. The naira value of external debt was partly cushioned by exchange-rate movements, as the DMO used rates of N1,474.85/$ in September and N1,435.26/$ in December.
Domestic borrowing drives yearly surge
Over the full year, domestic debt was the main culprit, jumping 14.1 per cent from N74.38 trillion to N84.85 trillion.
External debt grew more modestly by 5.9 per cent to N74.43 trillion.
The Federal Government remained the dominant borrower, holding N80.49 trillion in domestic debt and N66.27 trillion in external debt. States and the Federal Capital Territory owed N4.36 trillion domestically and N8.16 trillion externally.
Federal government leads the charge
The Federal Government’s domestic borrowing alone surged significantly, reinforcing its role as the primary driver of debt accumulation.
The slight shift in composition saw domestic debt’s share rise from 51.41 per cent to 53.27 percent, while external debt’s share fell from 48.59 per cent.
Transparency through legislative approval
Speaking at the IMF Spring Meetings in Washington, DC, DMO Director-General Patience Oniha stressed that Nigeria’s borrowing process is tightly controlled.
According to a report by Punch, under the Fiscal Responsibility Act and the DMO Act, every loan, domestic or external, must secure National Assembly approval before it is contracted.
“Those requests are presented to them for a detailed analysis… and they invite us to come and defend it,” Oniha explained. “If they are not satisfied, they tell you to go back and provide more information. That is only when the loan can be approved and contracted.”
She noted that these public, sometimes televised hearings build investor confidence by signalling strict compliance with the law.
The DMO also publishes regular debt data and reports to parliamentary committees on stock, servicing, and projections.
Calls for stronger scrutiny and revenue focus
Oniha acknowledged room for improvement. Frequent turnover of lawmakers, time pressures, and the growing complexity of debt instruments can weaken oversight, especially when approvals are rushed at the end of the fiscal year.
She called for regular capacity-building programmes for parliamentarians, including partnerships with the World Bank and IMF to expose them to global best practices.
Ultimately, she urged a broader conversation on balancing debt with development.
“We should be looking at how debt can affect fiscal space, how it can support development, and at what point we should begin to focus more on revenues instead of continuous borrowing,” Oniha said.
As Nigeria’s debt profile continues to rise, the figures underscore a sobering reality: every new loan directly adds to the burden borne by ordinary citizens.
With domestic borrowing still dominant and calls for smarter revenue strategies growing louder, the path ahead demands both fiscal discipline and genuine accountability.
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10 African countries with most IMF debt in 2026
Legit.ng earlier reported that Fresh data from the International Monetary Fund (IMF) has revealed the 10 African countries with the highest outstanding debt to the institution in March 2026, with Egypt leading the pack by a wide margin.
Notably, Nigeria does not appear on the list, raising questions about its current borrowing strategy and exposure to IMF financing.
The rankings highlight how several African economies continue to rely on IMF support to stabilise their finances amid persistent fiscal pressures, currency volatility, and external shocks.
Source: Legit.ng
