Few words stir public anxiety in Nigeria quite like “debt.” Each new bulletin from the Debt Management Office (DMO) sets off a familiar ripple: headlines blare the latest figures, social media buzzes with outrage, and citizens are reminded of how much each Nigerian supposedly “owes.” Yet this framing misses the deeper reality. The real issue is not simply the size of the debt but the fragile fiscal foundation on which it rests.
According to the Debt Management Office (DMO), Nigeria’s total public debt—covering the federal government, 36 states, and the FCT- stood at ₦159.28 trillion (about US$110.97 billion) as of December 31, 2025. This marked a sharp rise from ₦144.67 trillion (US$94.23 billion) at the end of 2024, representing a year-on-year increase of ₦14.61 trillion, or 10.1%. When spread across a population of roughly 220 million people, the figure translates to about ₦720,000 per citizen.
In 2024, Nigeria devoted an
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