Nigeria’s total public debt has escalated dramatically to N159.28 trillion as of December 31, 2025, according to official data from the Debt Management Office. This figure marks a substantial increase since President Bola Ahmed Tinubu assumed office in May 2023, when the debt stock stood at approximately N87 trillion. The rapid rise has ignited intense debate among economists, policymakers, and citizens about the sustainability of the country’s fiscal trajectory and the effectiveness of ongoing economic reforms.

In less than three years, the administration has overseen an addition of over N72 trillion to the national debt portfolio. This growth stems from a combination of new domestic borrowings, external loans for infrastructure and reforms, and the impact of naira devaluation, which has inflated the local currency value of foreign-denominated obligations. Quarterly data from the Debt Management Office shows consistent upward movement, with notable jumps recorded through 2025, including an increase of N14.61 trillion in that year alone from the previous December figure.

Proponents of the current economic direction argue that the borrowings support critical reforms, such as fuel subsidy removal, foreign exchange unification, and investments in infrastructure, power, and human capital development. They maintain that the debt-to-GDP ratio remains within manageable limits compared to global standards and that these funds are essential for laying a foundation for long-term growth.

Critics, however, express concern over the pace of accumulation, rising debt service costs that now consume a large portion of government revenue, and the per capita debt burden, which now exceeds N700,000 per Nigerian. They question whether the borrowed funds have translated into visible improvements in living standards amid persistent inflation and economic pressures.

As Nigeria navigates these fiscal challenges, experts call for enhanced revenue generation, prudent spending, and transparent debt management to ensure future generations do not bear an unsustainable burden. The Debt Management Office continues to monitor the portfolio closely while the government pursues strategies to boost non-oil revenues and achieve fiscal stability.