Every Nigerian now owes N724,000 as debt soars to N159.28trn

By Tgnews Reporter

Nigeria’s total public debt has climbed to ₦159.28 trillion as of December 31, 2025, according to provisional data released by the Debt Management Office (DMO).

The figure marks a significant increase, raising concerns over the country’s fiscal sustainability and the growing debt burden on citizens.

The DMO reported that the debt stock rose by ₦5.98 trillion, or 3.9%, from ₦153.29 trillion at the end of September 2025. On a year-on-year basis, public debt increased by ₦14.61 trillion, or 10.1%, from ₦144.67 trillion recorded in December 2024.

In US dollar terms, the debt grew from approximately $94.23 billion to $110.97 billion over the year, using the Central Bank of Nigeria’s official exchange rates for conversion.

An analysis of the latest figures shows that the debt translates to an average of about ₦724,000 owed per Nigerian, based on the country’s estimated population.

This per capita calculation has drawn attention amid ongoing debates about fiscal responsibility and the impact of borrowing on ordinary citizens.

The rise in debt is attributed largely to fresh domestic borrowings to finance fiscal deficits, with domestic debt continuing to dominate the total public debt portfolio.

External debt also contributed, though domestic sources accounted for the bulk of the increase. The DMO noted that the December 2025 figures remain provisional.

The increase comes as the government continues to grapple with infrastructure needs, subsidy reforms, and revenue challenges, while critics argue that heavy reliance on borrowing could constrain future spending on social services and development.

Nigeria’s population is estimated at around 237.5 million in 2025, rising toward 242 million in 2026, according to global demographic projections.

This growing population base means the per capita debt figure could shift slightly with updated census data, but the overall burden remains substantial.

The Federal Government has previously indicated plans to boost borrowing in the 2026 budget to support expanded spending, but experts continue to call for improved revenue generation, expenditure discipline, and debt management strategies to prevent the debt-to-GDP ratio from becoming unsustainable.

The DMO has reassured stakeholders that Nigeria’s debt remains within manageable limits relative to its economy, though calls for transparency and prudent fiscal policies have intensified in light of the latest data.

This development underscores the delicate balance Nigeria must strike between financing critical needs and avoiding an excessive debt overhang that could affect future generations. Further details on the breakdown between federal, state, domestic, and external components are expected as the DMO releases comprehensive reports.