The Debt Management Office (DMO) revealed that Nigeria’s total public debt reached N166.79 trillion as of June 30, 2026, translating to N702,185 per Nigerian citizen. This figure, calculated using the World Bank’s 2026 population estimate of 237.53 million, highlights the nation’s growing fiscal burden. At the current N70,000 national minimum wage, the per-capita debt equals roughly 10 months of earnings, underscoring the disparity between public obligations and average worker income. The DMO’s data also showed that domestic debt totaled N91.59 trillion, while external debt amounted to N75.20 trillion, with the federal government responsible for the bulk of both categories.
Federal Government debt accounted for the lion’s share of Nigeria’s obligations, with domestic liabilities reaching N87.00 trillion and external debt standing at N65.77 trillion. State governments and the Federal Capital Territory contributed the remaining N14.01 trillion combined. The DMO used an official exchange rate of N1,379.1842 per dollar to convert external debt into naira, emphasizing the impact of currency fluctuations on the nation’s financial landscape. The agency’s report also noted that the per-capita debt figure exceeds the monthly minimum wage by 10 times, raising concerns about the sustainability of public finances amid stagnant wage growth.
The DMO’s June 2026 data reveals a 14.39 trillion naira increase in public debt over the preceding year, reflecting ongoing fiscal challenges. While the agency clarified that the per-capita calculation is an aggregate indicator and does not reflect individual liabilities, the figures have sparked debates about the government’s debt management strategies. Critics argue that the rising debt burden, coupled with low minimum wages, risks exacerbating economic inequality. The DMO’s report underscores the need for transparent fiscal policies to address the growing gap between public debt and citizen livelihoods.
The revelation of Nigeria’s soaring public debt has intensified calls for economic reforms and improved fiscal accountability. With the federal government shouldering the majority of obligations, stakeholders are urging a reevaluation of spending priorities and revenue generation mechanisms. As the nation grapples with the implications of its debt trajectory, the DMO’s data serves as a critical benchmark for policymakers and citizens alike, highlighting the urgent need for sustainable financial strategies to mitigate long-term economic risks.