Every Nigerian, including newborns, now owes about ₦700k as Nigeria’s public debt hits ₦166.79tn

Every Nigerian, including newborns, now owes about ₦700k as Nigeria’s public debt hits ₦166.79tn

Every Nigerian, including newborn babies, is now carrying an estimated debt burden of about ₦700,000, according to Tolulope, a presenter with Nairametrics.

Speaking on Nigeria’s rising debt profile, Tolulope said the country’s external debt had climbed from approximately $43.1 billion when President Bola Ahmed Tinubu assumed office to about $54.5 billion by June 2024, representing an increase of roughly $11.4 billion.

She added that domestic debt also jumped from around ₦59 trillion to ₦91.5 trillion. Combined, Nigeria’s total public debt currently stands at ₦166.79 trillion.

According to the presenter, the Federal Government also projected borrowing an additional ₦29.2 trillion under the 2025 budget.

The government has maintained that the funds being borrowed are largely being channelled into economic reforms, infrastructure and other development initiatives.

However, Tolulope noted that the growing debt raises questions about its impact on ordinary Nigerians, particularly if debt-servicing costs begin to put pressure on government spending, taxation and the wider economy.

She explained that while borrowing could provide funding for roads, electricity and other developmental projects, the key issue is whether the borrowed money is generating sufficient economic growth, employment opportunities, infrastructure and government revenue to justify the additional burden.

“The real question is not simply whether Nigeria’s debt has increased, but whether the borrowed funds are producing enough economic growth, jobs, infrastructure, and government revenue to justify the additional debt burden,” she said.