Nigeria’s Public Debt Rises Sharply, Each Citizen Now Owes N662,565

Nigeria’s total public debt has surged past N152 trillion as the federal and state governments continue heavy borrowing amid rising revenue, sparking renewed warnings from economists about long-term fiscal sustainability.
The latest data show that external debt now accounts for forty-seven point one percent of total debt, reaching $46.98 billion. Of this, the federal government owes $42.17 billion, while states and the Federal Capital Territory (FCT) collectively owe $4.81 billion.
Domestic debt makes up fifty-two point nine percent of the total, rising to N80.55 trillion with the federal government responsible for N76.59 trillion and states plus the FCT owing N3.96 trillion.
The figures represent a 74 per cent increase in total public debt over two years. In June 2023, Nigeria’s external debt stood at $43.16 billion, while domestic borrowing was N54.13 trillion.
Overall, the federal government now accounts for nearly ninety-three percent of the country’s entire debt stock. The total debt includes loans from multilateral and bilateral creditors, Eurobond issuances, and domestic instruments such as treasury bills and bonds.
Broken down by population, each Nigerian owes approximately N662,565. This translates to over N3.3 million for a family of five and nearly N5.96 million for a family of nine.
Economists warn that Nigeria’s ballooning debt poses serious fiscal risks amid sluggish revenue growth, rising inflation, and a weakening naira. Mounting debt service costs, they caution, could crowd out vital spending on infrastructure, healthcare, and education.
Federal Inland Revenue Service (FIRS) chairman, Zacch Adedeji, recently downplayed public concerns over borrowing, saying: “Borrowing is not a problem. Is borrowing not part of the budget we submitted to the National Assembly? Was it not approved? Are we borrowing outside what was approved?”
Meanwhile, Nigeria’s federal revenue rose to a record N3.64 trillion in September 2025 — a four hundred and eleven percent increase from N711 billion in May 2023 — boosted by ongoing tax reforms.
Commenting on the broader fiscal outlook, Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), said spending efficiency remains critical.
“Nigeria’s fiscal and tax reforms have achieved progress in expanding revenue and improving sustainability. The next phase must focus on deepening diversification, enhancing spending efficiency, and aligning outcomes with real economic performance,” Yusuf said.
He added that prudent management, stakeholder collaboration, and social sensitivity are essential to building a more resilient and inclusive economy capable of withstanding future shocks.