FG Seeks $1.5bn World Bank Loans As Nigeria’s Debt per Person Hits N716,822
- The FG is seeking three World Bank loans worth a combined $1.5 billion for climate resilience, social protection and early childhood development
- Nigeria’s total public debt rose to N166.79 trillion in June 2026 from N152.40 trillion a year earlier
- Estimated debt per Nigerian increased to N716,822 from N383,442 in June 2023, representing an 87% rise
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The federal government is seeking fresh World Bank loans worth $1.5 billion as Nigeria’s public debt continues to rise, with the estimated debt burden per person reaching N716,822.
World Bank documents show that the proposed financing comprises three separate $500 million facilities targeting climate resilience, social protection and early childhood development.
Source: Getty Images
Punch reports that the first proposed loan is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL.
The World Bank is expected to consider the financing on October 29, 2026.
The additional funding would increase ACReSAL’s total financing from $700 million to $1.2 billion and support landscape restoration, flood management, irrigation, drainage, water storage, reforestation and other climate-related projects.
The second proposed $500 million facility is for the Household Prosperity and Empowerment-Social Protection Project.
The programme is expected to support cash transfers, modernise Nigeria’s social registry and strengthen social protection systems.
The third $500 million loan is for an Early Childhood Development programme covering all 36 states and the Federal Capital Territory.
The programme would focus on health, nutrition, early learning, childcare, water and sanitation for children aged zero to five.
Nigeria’s debt rises to N166.79tn
According to the Debt Management Office, Nigeria’s total public debt increased from N152.40 trillion in June 2025 to N166.79 trillion in June 2026.
The N14.39 trillion increase represents a 9.44% rise within one year.
Nigeria’s debt breakdown as of June 2026:
- Total public debt: N166.79tn
- Domestic debt: N91.59tn
- External debt: N75.20tn
- FGN domestic debt: N87.00tn
- States and FCT domestic debt: N4.59tn
- FGN external debt: N65.77tn
- States and FCT external debt: N9.42tn
Domestic debt accounted for 54.91% of the total public debt, while external debt represented 45.09%.
Nigeria’s World Bank debt stood at $20.73 billion as of June 2026. This comprised $19.12 billion owed to the International Development Association and $1.61 billion to the International Bank for Reconstruction and Development.
Source: Getty Images
Debt per Nigerian rises 87%
Nigeria’s estimated public debt per person has also increased sharply over the past three years.
Leadership reports that at the end of June 2023, total public debt stood at N87.38 trillion, while the World Bank estimated Nigeria’s population at 227,882,945.
This put the estimated debt per person at N383,442.
By June 2026, debt had climbed to N166.79 trillion, while the population estimate stood at 232,679,478.
Dividing the debt stock by the estimated population gives an estimated debt burden of N716,822 per person.
10 states with highest foreign debts
Earlier, Legit.ng reported that the National Bureau of Statistics has revealed that Nigeria's total external debt stock climbed to $51 billion (N74.43 trillion) in the fourth quarter of 2025.
According to its latest public data report, Lagos State has emerged as Nigeria’s most indebted subnational government in terms of external borrowing.
The NBS figures indicate that external debt accounted for 46.73% of Nigeria’s total public debt during the period.
Source: Legit.ng
