N166.7trn Debt: Every Nigerian Now Owes N716,822 as Tinubu Borrows N7trn in 3 Months
- Nigeria’s public debt has reached N166.79 trillion in June 2026, equivalent to an estimated N717,000 per citizen
- Naira depreciation accounts for part of the debt increase, complicating comparisons of borrowing over time
- Business and civil society leaders urge transparent spending, productive investment and measurable benefits for Nigerians
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s public debt has climbed to N166.79 trillion, pushing the estimated debt burden per citizen to about N717,000 and renewing concerns over whether government borrowing is improving ordinary Nigerians’ lives.
Based on the debt figures and population estimates cited in the report, the amount represents an increase of about 87 per cent from N383,442 per person in June 2023.
Source: Facebook
The figure does not mean each Nigerian has a personal loan to repay. It represents total public debt divided by the population, offering a snapshot of the scale of government obligations.
For households facing high living costs, the bigger question is whether borrowed funds are delivering better roads, reliable electricity, functioning hospitals and jobs.
Public debt rises N7.44trn in three months
Figures attributed to the Debt Management Office show that Nigeria’s total public debt increased from N159.35 trillion in March 2026 to N166.79 trillion by June 30.
That represents a quarterly increase of N7.44 trillion, or approximately 4.7 per cent. However, a rise in the debt stock should not automatically be interpreted as an equivalent amount of fresh borrowing.
Domestic debt accounted for N91.59 trillion, representing 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.
Why the naira matters
Part of that increase reflects the impact of currency depreciation on foreign debt when converted into naira.
A weaker naira raises the local-currency 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.
Businesses demand visible benefits
The national president of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, 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.
Accountability and repayment take centre stage
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.
Source: Twitter
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
States, FCT increase IGR by 40.93% to N5.15trn
Legit.ng earlier reported that Nigeria's 36 states and the Federal Capital Territory (FCT) collectively raised N5.15 trillion in internally generated revenue (IGR) in 2025, up 40.93% from the N3.65 trillion recorded the previous year, according to the 2025 IGR report tracking revenue from taxes and Ministries, Departments and Agencies (MDAs).
Tax revenue made up 73.64% of the national IGR total, with Pay-As-You-Earn (PAYE) contributions accounting for the largest portion.
Source: Legit.ng
