Nigeria’s Public Debt Rises to About ₦716,822 Per Person as Servicing Costs Climb

Nigeria’s public debt stood at ₦166.79 trillion as of June 30, 2026. Based on World Bank population estimates, this equals about ₦716,822 per person, up from roughly ₦383,442 in June 2023. The figure does not mean each Nigerian personally owes ₦716,822. It is a per-capita estimate calculated by dividing the country’s total public debt by its population. The debt stock has risen sharply in naira terms, although analysts note that the weaker naira also increased the local-currency value of external debt. Economists and business leaders are questioning whether the borrowing has delivered better roads, electricity, jobs, healthcare and other public services. They warn that rising debt-service costs could leave less government funding for education, security, infrastructure and support for small businesses. Others argue that borrowing can support development when it is invested transparently in productive projects that expand revenue, exports and employment. The central concern is whether Nigeria can generate enough economic value and public revenue to manage its debt sustainably.

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