Nigeria’s Debt and Reserves Are Both Rising: What the Numbers Mean

Nigeria’s public debt and foreign reserves have both increased, but for different reasons. The figures cited put public debt at ₦166.79 trillion by June 2026, gross reserves at about $52 billion that month, and net reserves at $34.8 billion at the end of 2025. Currency revaluation and the formal recognition of earlier obligations contributed to the naira debt increase, alongside new borrowing.

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