From 1999 to 2026: Tracking the surge in Nigeria’s national debt as it hits ₦159 trillion

If you woke up today feeling a little heavier, it might not just be the fufu you ate around 10 pm last night. 

According to the latest figures from the Debt Management Office (DMO), Nigeria’s total public debt surged to ₦159.27 trillion by the end of 2025.

To put that in perspective: if we decided to split this bill equally among every man, woman, and child in Nigeria, you (and your toddler and your grandmother) would each owe roughly ₦724,000.

Before you start checking your bank app to see who authorised this "loan", let’s break down what these numbers actually mean for your daily life and the country's future.

Read Next: NDIC permanently down shuts down 89 banks in Nigeria - See the full list of affected insitutions

The ₦159 trillion comprises domestic and external borrowing.

• Domestic Debt (The "Home" Front): This accounts for over ₦81 trillion. This is money the government borrows from within Nigeria—think treasury bills and bonds bought by local banks and investors.

• External Debt (The "Abroad" Factor): This is money owed to international lenders like the World Bank, IMF, and foreign private creditors. It sits at roughly ₦71 trillion. Because this is often in dollars, every time the Naira fluctuates, this debt can feel a lot heavier.

Total debt: trending toward ₦159 trillion

Since Nigeria’s population is roughly 230 million people, then ₦159 trillion divided by ~230 million people is approximately ₦700,000+ per person

That’s how estimates like ₦724,000 per Nigerian emerge.

Earlier in 2025, a similar calculation showed ₦652,000 per person when debt stood around ₦149 trillion.

No, you don’t. This figure is what economists call a per capita debt estimate.

It doesn’t mean you’ll be billed ₦724,000 or that the government expects you to pay it directly.

Instead, it answers a simpler question: If Nigeria’s total debt were shared equally, what would each person’s “portion” look like?

However, you pay this debt in other, more subtle ways:

• Inflation: To manage debt, the government sometimes prints more money or devalues the currency, which makes everything more expensive.

• Infrastructure Gaps: Every Naira spent on interest is a Naira not spent on fixing the major infrastructure or funding public universities.

• Tax Pressure: As the government looks for ways to pay back lenders, expect more creative taxes and levies on everything from digital transactions to luxury goods.

RELATED: How to Calculate Tax on Your Salary in Nigeria: 2026 Easy Guide 

Back in 2024, total debt was around ₦142.3 trillion. By early 2025, it crossed ₦149 trillion. By mid-2025, it reached ₦152 trillion+.

In the 2026 Budget, the government has earmarked ₦15.8 trillion just for debt servicing.

We are currently in a "borrowing to survive" phase. With a 2026 budget deficit projected at over ₦31 trillion, the government must take out new loans to pay off old ones and keep the lights on. 

It’s like using a new Opay loan to pay back your Palmpay loan.

To understand today’s ₦159 trillion debt, it helps to zoom out.

Over the past two decades, Nigeria’s borrowing has followed a clear pattern across different administrations:

Obasanjo inherited a country crippled by military-era debt and is the only president to leave the office with significantly less debt than he found.

• Inherited Debt: ~₦3.55 trillion

• Debt at Exit: ~₦2.42 trillion

Obasanjo secured an $18 billion debt write-off from the Paris Club in 2005. By paying off a lump sum of $12 billion, Nigeria cleared $30 billion in total foreign debt.

His regime also benefited from a massive boom in oil revenue

READ NEXT: Benin Republic, Togo, Niger owe Nigeria ₦12 billion in electricity debt

Yar’Adua’s short tenure saw a return to borrowing, primarily to stabilise the economy during the 2008 global financial crisis.

• Inherited Debt: ~₦2.42 trillion

• Debt at Exit: ~₦4.94 trillion

He added roughly ₦2.52 trillion to the debt profile. Most of this was domestic borrowing to fund the budget as oil prices dipped temporarily during the global recession.

During the Jonathan years, debt more than doubled, despite a period of relatively high oil prices.

• Inherited Debt: ~₦4.94 trillion

• Debt at Exit: ~₦12.60 trillion

His administration added roughly ₦7.66 trillion. The growth was driven by an increase in recurrent spending (salaries) and the first major entries into the international Eurobond market.

The Buhari era saw the most dramatic spike in Nigeria's history, as the country grappled with two recessions and the COVID-19 pandemic.

• Inherited Debt: ~₦12.60 trillion

• Debt at Exit: ~₦87.38 trillion

Total debt increased by over 600% (adding ₦74.7 trillion). This includes the controversial ₦22.7 trillion "Ways and Means" advances from the Central Bank, which were eventually converted into formal long-term debt.

READ NEXT: China Threatens to Shut Down Nigeria’s Satellite Over $11.4m Debt

As of the April 2026 DMO report, the debt stands at ₦159.28 trillion. While borrowing has continued, the massive jump is largely "mathematical".

• Inherited Debt: ~₦87.38 trillion

• Current Debt (April 2026): ₦159.28 trillion

In just under three years, the debt figure grew by ₦71.9 trillion.

Nigeria’s debt problem is basically a low revenue issue

Nigeria generates relatively low revenue compared to the size of its economy. The debt-to-GDP ratio is around 36–39%, which is below many global thresholds

That means:

• There’s less money to repay loans

• More pressure to borrow again

• Debt servicing eats up a large part of government income

So the cycle continues.

Until Nigeria earns more than it borrows, every citizen will keep carrying the weight. That means progressive inflation, continuous hardship and renewed “shege”