By Olugbenga Oyeniran
Nigeria’s public debt has soared to ₦149.39 trillion, a figure that continues to stir concern at
home and abroad. While the Federal Government struggles to assure citizens and investors that the situation is under control, the Debt Management Office (DMO) insists that much of the pressure comes from forces beyond the nation’s control. But as the numbers rise, so do questions about transparency, accountability, and the real burden on Nigerians.
Blame It on FX and Global Shocks
At the 11th WAAPAC Annual Conference, DMO representative Maryam Omar attributed the
surge in debt to three main factors: foreign exchange volatility, global economic shocks such as fluctuating commodity prices and rising global interest rates, and Nigeria’s own weak domestic revenue mobilisation. The argument is straightforward: as the naira weakens, debt servicing costs balloon, and global uncertainties only tighten the noose.
The Numbers Tell Their Own Story
According to official figures, Nigeria’s debt profile stood at ₦68.8 trillion in external loans and ₦74.6 trillion in domestic borrowings by December 2024. By the first quarter of 2025, the total had climbed to ₦149.39 trillion. This is more than just an abstract statistic—it represents the strain on government finances, with debt servicing already consuming a significant chunk of revenue that could have gone to education, healthcare, or infrastructure.
Transparency Under the Spotlight
With debt figures this large, the call for transparency is growing louder. The Auditor-General’s office is currently auditing the data, a move many see as overdue. Critics argue that without clearer documentation and a reliable debt management information system, Nigeria risks losing public trust in its economic stewardship.
Regional Comparisons and Media Controversy
The Guardian newspaper’s report suggested that Nigeria was among the largest borrowers in West Africa, alongside Ghana, Côte d’Ivoire, and Senegal. The DMO quickly issued a rejoinder, insisting that its WAAPAC presentation covered West Africa as a region, not Nigeria alone. This clash highlights a larger issue: how debt narratives are shaped, and whether Nigerians are getting a clear and accurate picture of the country’s obligations.
What It Means for Nigerians
Beyond the high-level debates, ordinary Nigerians are already feeling the impact. Rising debt often translates into policy shifts—higher taxes, subsidy cuts, inflationary pressures, and reduced government spending on social services. In simple terms, the debt burden is not just a number in Abuja; it is a daily reality at the fuel pump, in the market, and on the family dining table.
Looking Ahead
Debt is not inherently bad; when managed wisely, it can fund development and drive growth. But when it becomes a cycle of borrowing to service old loans, it risks trapping the nation in a spiral that stifles opportunity. The DMO may be right to point at FX risks and global headwinds, but Nigeria’s deeper challenge lies in building strong domestic revenue systems and ensuring transparent management.
The question remains: will Nigeria’s debt be a tool for progress, or a burden that mortgages the future?
