Nigeria's Debt Per Citizen Hits N716,822, Up 87% in Three Years
By Aboki Forex —
Every Nigerian now carries an estimated N716,822 in public debt, up from N383,442 three years ago, an increase of about 87 per cent. The figure comes from the latest Debt Management Office (DMO) data divided by World Bank population estimates for both periods.
How the numbers stack up
At the end of June 2023, the first debt figure published after President Bola Tinubu assumed office, total public debt stood at N87.38 trillion. Divided by the World Bank's population estimate of 227,882,945 for that year, the per-capita burden came to roughly N383,442.
As of June 30, 2026, the debt stock stands at N166.79 trillion against a population estimate of 232,679,478, pushing per-capita debt to N716,822. That is an increase of N333,380 per person, or about 87 per cent, in three years. The debt stock itself rose by N79.41 trillion, or 90.9 per cent, in naira terms.
The per-capita figure shifts with the population estimate used. Applying the National Population Commission's projection of slightly more than 216 million, last updated by NPC Chairman Nasir Isa Kwarra, the burden rises to roughly N772,175.
Currency slide and shrinking income
Analysts note that part of the naira-denominated surge reflects currency depreciation rather than new borrowing alone. In June 2023, shortly after the naira was floated, the official rate closed the month at N769.25/$1 at the I&E window. By September 2026, the official NFEM rate stood at about N1,329/$1, a depreciation of about 72.8 per cent over the three-year period.
Dollar-denominated debt grew far more slowly: from about $113.6 billion in June 2023 to $120.93 billion in June 2026, a rise of only about 6.4 per cent.
The pressure looks worse when measured against income. World Bank data put Nigeria's GDP per capita at roughly $1,596.6 in 2023. At N769.25/$1, that was about N1,228,378 per person, meaning per-capita debt of N383,442 was about 31 per cent of per-capita income. By 2024, the most recent year with World Bank figures, GDP per capita had fallen to $806.9, a drop of more than 49 per cent, driven largely by the naira's devaluation and the rebasing of the economy. Converted at N1,329/$1, that is about N1,072,368 per person. Per-capita debt of N716,822 now equals nearly 67 per cent of per-capita income, more than double the share recorded three years ago.
Nigeria's GDP per capita stayed above the Sub-Saharan Africa average from 2002 to 2023. It fell to $806.9 in 2024, about $710 below the regional average of $1,516.4, the widest gap in more than two decades.
Debt servicing and public reaction
Debt-servicing costs are climbing. Nigeria is projected to spend more than $11.6 billion on debt servicing in 2026, up sharply from the previous year, even as recurrent government spending continues to rise. The DMO's latest data shows total public debt at N166.79 trillion as of June 30, 2026, up from N159.35 trillion at the end of March 2026, a 4.7 per cent quarter-on-quarter increase.
Domestic debt accounted for N91.59 trillion, or 54.91 per cent, while external debt stood at about N75.20 trillion, or 45.09 per cent. The federal government held N152.77 trillion, made up of N86.99 trillion in domestic debt and N65.77 trillion in external obligations, while the states and the FCT jointly held N14.01 trillion.
Auwal Ibrahim Musa Rafsanjani, executive director of the Civil Society Legislative Advocacy Centre (CISLAC) and Head of Transparency International (TI) Nigeria, called the debt profile "a major concern". He said: "CISLAC is really particularly concerned about the growing pressure that debt servicing can place on public finances. Borrowing can be a legitimate instrument of development when it finances productive infrastructure, human capital, industrial development, and investments capable of generating economic returns. But the kind of borrowing and debts we have have nothing to do with what I have just mentioned. It is more of an opportunity to divert and still waste public taxpayers' money. For us, accumulating debts while citizens continue to experience inadequate healthcare, deteriorating public education, poor electricity supply, unemployment, poverty"
Economists say a debt burden rising while the income base against which it must be repaid shrinks is why the per-capita figures have alarmed analysts more than the naira totals alone.