Nigeria's debt hits N166.79tn; each citizen now owes over N700,000
Nigeria’s debt hit N166.79 trillion by June 2026, a 90.9% rise since May 2023 under President Tinubu, pushing the average citizen’s share to N716,822—up 87% from three years ago. External debt stands at $54.52 billion, domestic debt at N91.59 trillion, and the government is preparing to seek a fresh $1.5 billion loan from the World Bank.
This matters because each Nigerian now carries over N700,000 of sovereign debt, and debt‑servicing still gulped N2.14 trillion in Q2 2026. Experts warn that if new borrowing does not finance productive investments—such as job‑creating infrastructure, agriculture or MSME finance—the added burden will squeeze future budgets for health, education and youth employment, potentially mortgaging the next generation.
Before the loan is approved, citizens should demand clarity on its purpose, cost, repayment terms and measurable economic returns. Ask whether the funds will generate revenue or jobs, and insist on transparent utilisation and strict project monitoring to ensure the debt translates into tangible development rather than recurrent expenditure.