Economists react as Nigeria’s borrowing hits N166.79tn, debt per citizen rises above N700,000
Economists and financial experts have reacted as Nigeria’s debt profile surged to N166.79 trillion amid the country’s plan to secure a fresh $1.5 billion loan from the World Bank. DAILY POST reports that data released by Nigeria’s Debt Management Office, DMO, showed that the country’s debt profile had grown to N166.79 trillion as of June […] Economists react as Nigeria’s borrowing hits N166.79tn,…
Nigeria's debt profile has surged to N166.79 trillion as of June 2026, according to data released by the country's Debt Management Office (DMO). This represents a staggering 90.9% increase under President Tinubu's administration, with the debt rising from N79.39 trillion in May 2023 to the current figure. External debt grew by 28.4% to $54.52 billion, while domestic debt surged by 55% to N91.59 trillion.
As a result, each Nigerian now owes N716,822, an 87% increase from N383,442 three years ago. Opposition leaders, including Atiku Abubakar of the Action Democratic Congress, have criticized the government's plan to secure a $1.5 billion loan from the World Bank, urging transparency on the debt burden before further borrowing. Economists such as Godwin Oyedokun and Gbolade Idakolo warn that the high debt profile requires scrutiny and calls for productive investments to generate jobs, increase revenue, and support sustainable economic growth.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
