The amount of Nigeria’s public debt attributable to each citizen has almost doubled in three years, rising from N383,442 to N716,822, former Vice President Atiku Abubakar has said.
Atiku raised the issue on Monday as he questioned the Federal Government’s plan to seek a fresh $1.5bn from the World Bank amid a public debt stock of N166.79tn.
The African Democratic Congress presidential candidate, in a statement by his spokesperson, Phrank Shaibu, said the latest figures showed an 87 per cent increase in the notional debt burden per Nigerian.
The Debt Management Office reported that Nigeria’s total public debt stood at N166.79tn at the end of June 2026.
“If Nigeria’s public debt were divided among everyone, each person’s share would be N716,822 today. Three years ago, it was N383,442. That is an 87 per cent increase,” Atiku said.
The former vice president argued that the rising debt burden was particularly concerning as households continue to face pressure from the cost of food, fuel and electricity.
He also criticised the Federal Government’s decision to pursue additional borrowing, saying the administration should account for the existing debt before taking on new obligations.
The proposed World Bank financing comprises three separate $500m IDA credits rather than a single $1.5bn loan.
The facilities are designed to finance social protection, early childhood development and climate-resilience programmes.
The proposed borrowing would come on top of Nigeria’s existing $20.73bn exposure to the World Bank Group as of June 2026.
Atiku said the country’s rising obligations had made economic management and accountability increasingly important.
“Tinubu has made today difficult and tomorrow more uncertain,” he said.
The latest debt figures now put the debate over fresh borrowing beyond the size of individual loans, with attention also turning to the cumulative burden of Nigeria’s obligations and the benefits expected from the projects they finance.