Nigeria's public debt reaches N166.79 trillion, DMO reports
Nigerian outlets report the latest Debt Management Office figures with differing emphasis, from per-capita debt burden to state-level liabilities; India and Pakistan also released separate debt updates this period.
What happened
Nigeria's total public debt stock rose to N166.79 trillion as of June 30, 2026, according to the Debt Management Office.56
BusinessDay calculated that this translates to a per capita debt burden of N702,185 for each Nigerian.5
Separately, Punch reported that at least 30 Nigerian states had domestic debts exceeding 50% of their internally generated revenue in 2025, based on DMO and NBS data.3
Where accounts differ
Each account is attributed to who makes it. We do not judge between them.
How it's framed
What each perspective puts first, based on headlines and summaries.
| Perspective | How it reads | What it puts first |
|---|---|---|
| Nigerian private pressAfrica | Nigerian outlets cover the national debt figure from multiple angles, including the aggregate number, per-capita burden on citizens, and sub-national (state-level) debt sustainability.563 | per-capita debt burden, state debt loads, aggregate debt stock |
| South Asian outlets on other countries' debtSouth Asia | India's debt-to-GDP ratio declined slightly from 20.9% to 20.8% even as total external debt rose, while Pakistan's public debt rose 76% over four years to Rs86.7tr, with the government announcing further borrowing plans, according to respective national sources.24 | debt-to-GDP ratio, multi-year debt change, government borrowing plans |
What the coverage leaves out
- None of the outlets reviewed reported the Nigerian government's response to the debt figures or any policy measures planned in reaction.
- None of the outlets reviewed compared Nigeria's debt-to-GDP ratio or external versus domestic debt breakdown, unlike the comparative data available for India and Pakistan.
- None of the outlets reviewed explained what is driving the increase in Nigeria's public debt over the quarter.
Why it matters
At least 30 Nigerian states had domestic debts exceeding 50% of their internally generated revenue in 2025, based on an analysis of DMO and NBS data.3
Separately, in a different period and mechanism, the Central Bank of Nigeria sold approximately N17.51 trillion in Open Market Operations bills in September 2026, a short-term liquidity operation distinct from the DMO's total public debt stock figure.1
Sources (6)
Every outlet we drew on, grouped by where it is based. Read the originals for the full reporting.
Africa
- 1NairametricsNGPrivate
CBN mops up N17.5 trillion through OMO in September, injects N10.9 trillion
- 3PunchNGPrivate
- 5BusinessDayNGPrivate
- 6VanguardNGPrivate
South Asia
- 2The Economic TimesINPrivate
- 4DawnPKPrivate