Economists react as Nigeria’s borrowing hits N166.79tn, debt per citizen rises above N700,000

Economists and fiscal experts person reacted arsenic Nigeria’s indebtedness illustration surged to N166.79 trillion amid the country’s program to unafraid a caller $1.5 cardinal indebtedness from the World Bank.

DAILY POST reports that information released by Nigeria’s Debt Management Office, DMO, showed that the country’s indebtedness illustration had grown to N166.79 trillion arsenic of June 2026.

The caller indebtedness figures released by the DMO indicated that Nigeria’s indebtedness roseate by 90.9 percent nether Tinubu’s administration, expanding by N87.4 trillion to N166.79 trillion successful June from N79.39 trillion successful May 2023.

According to a further breakdown by the DMO, Nigeria’s outer indebtedness roseate by 28.4 percent to $54.52 cardinal arsenic of June 2026, portion home indebtedness accrued by 55 percent to N91.59 trillion.

In a much circumstantial calculation, the country’s existent N166.79 trillion indebtedness means that each Nigerian owes N716,822, representing an 87 percent summation from N383,442 3 years ago.

Atiku, ActionAid respond to Nigeria’s rising indebtedness profile

The improvement has attracted condemnation from absorption enactment leaders, including Atiku Abubakar of the African Democratic Congress, ADC.

According to Atiku, the Tinubu authorities needs to archer Nigerians the interaction of the country’s existent indebtedness load earlier embarking connected a caller $1.5 cardinal indebtedness from the World Bank.

Similarly, ActionAid Nigeria has a...