Nigeria’s debt jumps N7.44tr to N166.79tn in three months
The Guardian
By : Joesph Chibueze
Date: 27 September 2026 6:11am WAT
Management Office
Total of over N166.79 trillion.
166.79tn / 200m Nigerians = 833.950 each
Nigeria’s total public debt stock climbed to N166.79 trillion as of June 30, 2026, representing a N7.44 trillion increase in three months, as domestic borrowing continued to account for the larger share of the country’s debt portfolio.
The latest debt profile released by the Debt Management Office (DMO) showed that total public debt rose from N159.35 trillion at the end of March 2026 to N166.79 trillion at the end of June, an increase of about 4.7 per cent quarter-on-quarter…
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DMO data put total public debt at N87.38 trillion as of June 30, 2023, meaning the June 2026 stock of N166.79 trillion is about N79.41 trillion, or 90.9 per cent, higher than the level recorded three years earlier.
However, the increase in the naira value of the debt stock should not be interpreted solely as new borrowing, because movements in the exchange rate also affect the naira value of Nigeria’s foreign-currency debt.
The debt trajectory has also coincided with a changing composition of the portfolio. At the end of 2023, domestic debt accounted for 60.74 per cent of total public debt, compared with 39.26 per cent for external debt.
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By June 2026, domestic debt accounted for 54.91 per cent, while external debt represented 45.09 per cent.
The latest DMO release comes alongside separate publications on FGN domestic debt service, external debt service and debt stocks of the states and FCT, providing a broader picture of the government’s debt obligations and financing structure.
Somebody's alleged analysis here:
Understand that everything here is verified.
In 2023, Nigeria borrowed $2.7 billion from the World Bank:
$750 million for renewable energy expansion.
$700 million for adolescent girls’ secondary education.
$500 million for the Nigeria for Women programme. (Imagine that)
$750 million for power sector recovery. (What does this even mean?)
In 2024, Nigeria borrowed another $4.25 billion from the World Bank:
$1.57 billion to strengthen human capital, improve health for women and children, and build climate resilience. (Can someone explain this one to me?)
$357 million, $57 million, and $86 million for rural road access and agricultural marketing projects. Hmmmm.
The rest went to economic stabilisation, resource mobilisation reform, primary healthcare, and dam safety.
In 2025, Nigeria borrowed another $2.695 billion from the World Bank:
$500 million for education under the HOPE Education loan.
$80 million for nutrition programmes. 😂😂😂 Nutrition programs ke 😂
$253 million and $247 million for NG-CARES.
The rest went to broadband expansion, health security, livelihoods for vulnerable households, and MSME finance.
World Bank total under Tinubu: $9.65 billion and counting.
Nigeria is now the largest IDA borrower in Africa and the third largest in the entire world. The World Bank alone accounts for 41.3% of Nigeria’s total external debt.
OTHER EXTERNAL LOANS
$500 million in June 2023 for a women’s programme.
$800 million in June 2023 to “cushion the effects” of the fuel subsidy removal he himself caused. (Can someone please explain this to me?)
$1.5 billion in June 2024 for the Economic Stabilisation Act.
$500 million from the African Development Bank for energy and electricity reform.
$1 billion from UK Export Finance via Citibank London for Lagos Port rehabilitation.
$902 million more from UK Export Finance.
$5 billion from First Abu Dhabi Bank to finance deficits.
$400 million from the African Development Bank for agriculture and digital economy.
$2.3 billion approved by the National Assembly in 2025 for the budget deficit.
$516 million from Deutsche Bank approved this week, April 28 to 29, 2026, for the Sokoto-Badagry Super Highway.
DOMESTIC BORROWINGS
N22.7 trillion in CBN Ways and Means advances securitized in 2023 alone.
N9.62 trillion borrowing plan in 2023, with N5.05 trillion raised mid-year.
N7.81 trillion in bonds and treasury bills in 2024.
N8.54 trillion in bonds and treasury bills in 2025.
N10.07 trillion projected for 2026.
N1.15 trillion for budget deficit financing.
N757 billion bond to clear outstanding pension liabilities.
Another fresh N1.15 trillion domestic loan request submitted to the Senate in late 2025.
STILL INCOMING
$21.5 billion external borrowing plan for 2025 to 2026, already approved by the Senate. This covers infrastructure, agriculture, health, education, water, security, and employment.
$2 billion domestic foreign currency bond programme approved alongside the above.
If all of this is drawn down, Nigeria’s total public debt will rise from N159 trillion to over N183 trillion.
THE GRAND TOTAL SO FAR
Nigeria’s total public debt has gone from N87 trillion when Buhari left in 2023 to N159 trillion as of December 2025.
That is N72 trillion added in less than 3 years.
External debt servicing alone cost Nigeria $9.9 billion between June 2023 and August 2025.
In 2023, debt servicing cost N7.8 trillion, a 121% increase from the year before.
In 2024, it rose again to N13.12 trillion, another 68% increase.
Over 80% of government revenue currently goes to servicing debt. Not building schools. Not fixing hospitals. Not paying doctors. Paying back loans.
But that’s not the most alarming thing here.
The question is: what are these ambiguous reasons that the government has been borrowing to fund? Who understands or can explain what some of these things mean?
An open ticket of corruption.