Nigerians now carry an estimated public debt burden of about ₦724,000 per person, according to data released by civic-tech organisation BudgIT, highlighting a sharp rise in the country’s debt profile over the past decade.
The figure marks a significant increase from about ₦67,000 in 2015, reflecting the rapid growth of Nigeria’s total public debt and its widening impact on citizens.
BudgIT’s analysis shows that between 2022 and 2024, Nigeria’s total debt stock rose from approximately ₦46 trillion to ₦144 trillion, more than doubling within a short period.
The organisation warned that if current trends continue, the per capita debt could rise further to about ₦3.5 million per Nigerian by 2030.
The report also highlighted the growing pressure of debt servicing on government finances. In 2024, about 60 per cent of federal revenue — roughly ₦12.6 trillion out of ₦20.9 trillion — was used to service debt, leaving limited resources for capital projects and social services.
Key sectors such as healthcare, education, infrastructure, and social welfare are among those most affected by the shrinking fiscal space, as a large portion of revenue is committed to repaying loans.
BudgIT noted that while citizens may not have directly taken the loans, they ultimately bear the consequences through reduced public investment and increased economic strain.
“You may not have signed the loan, but you live with the outcome,” the organisation stated.
The organisation urged stronger public engagement and accountability in government borrowing, calling on Nigerians to scrutinise fiscal decisions and demand transparency in debt management.
“It is important to pay attention, follow the money, and ask the difficult questions,” it added.
