Nigeria’s public debt is on the brink of topping ₦180 trillion more than half the GDP of the entire ECOWAS region and in 2025 alone, interest payments will gulp ₦16.3 trillion, nearly a third of the federal budget.

This looming figure is not just a number on a spreadsheet, it’s a weight on every Nigerian’s pocket.nImagine every Nigerian family suddenly shouldering an extra ₦800,000 in debt because Nigeria’s debt is about to surpass ₦180 trillion, a staggering milestone with real-life ripples for every household.

Why this matters to your wallet

Think of Nigeria’s debt like a surging utility bill, as more cash goes to servicing past loans, fewer naira are left for fresh projects. In the first nine months of 2024, the federal government spent ₦8.94 trillion on debt servicing, 47% of its total expenditure, akin to dedicating almost half your salary just to pay interest.

Smart strategies to tame the effect

1. Diversify Revenue Streams. “If revenue targets are missed again, the country could face an even deeper fiscal crisis,” warns the Nigerian Economic Summit Group. Accelerating growth in tech startups, agribusiness, and renewable energy can unlock sustainable income beyond oil.
   
2. Negotiate Longer Maturities. Stretching bond tenors eases short-term pressures much like extending a mortgage buying breathing room for the budget.
   
3. Prioritise High-Impact Projects. Channel new loans into infrastructure and health-care projects with proven multipliers. “The future of Nigeria depends on how we manage our resources today,” reminds Dr. Eze 

Back story you should know

President Bola Tinubu has asked the National Assembly to green-light ₦34.15 trillion in fresh external and domestic loans, a move that will vault the nation’s total borrowing past the ₦180 trillion mark.  And experts caution this borrowing binge could push public debt from ₦144.67 trillion today to a whopping ₦182.91 trillion by 2026.