Nigeria’s total public debt has risen to ₦152.39 trillion as of June 2025—nearly doubling in two years—leaving each citizen with an estimated debt share of ₦662,600 and prompting warnings from economists over long-term fiscal risks.
Nigeria’s total public debt has climbed to ₦152.39 trillion as of June 2025, according to data from the Debt Management Office (DMO), marking a sharp increase from ₦87.4 trillion in June 2023 when President Bola Tinubu took office.
The surge means each Nigerian now owes about ₦662,600, while a family of five carries a debt burden exceeding ₦3.3 million.
The DMO report shows that external debt accounts for 47.1% of the total, rising to $46.98 billion, while domestic debt stands at ₦80.55 trillion. The Federal Government is responsible for about 93% of the country’s debt stock.
Economists warn that the ballooning debt poses long-term fiscal challenges amid slow revenue growth, inflation, and naira depreciation. Muda Yusuf of the Centre for the Promotion of Private Enterprise cautioned that “spending efficiency is paramount,” urging the government to deepen revenue diversification and align fiscal outcomes with real economic growth.
Despite concerns, the Federal Inland Revenue Service (FIRS) chairman, Zacch Adedeji, defended current borrowing levels, saying, “Borrowing is not a problem… Was it not approved by the National Assembly?”