Nigeria’s total public debt stands at N152 trillion, just over $100 billion,” Edun said

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Nigeria's total public debt has climbed to approximately N152 trillion, equivalent to just over $100 billion, according to recent statements by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. This figure, reported as of mid-2025 (with the latest official Debt Management Office data from June 30, 2025, showing N152.40 trillion), has sparked public debate on fiscal sustainability. However, Edun emphasized during his keynote address at the launch of the Nigerian Economic Summit Group (NESG) 2026 Macroeconomic Outlook Report in Lagos on January 15, 2026, that the increase is largely not due to reckless new borrowing.

Instead, the surge stems from improved fiscal transparency and exchange rate reforms implemented under the current administration. Key breakdowns include:

About N30 trillion represents previously unrecorded or off-balance-sheet "Ways and Means" advances (central bank financing to the government) that have now been properly captured in official accounts.

Close to N50 trillion (or approximately N49 trillion in some reports) arises from the revaluation of foreign-denominated loans following the unification and liberalization of the naira exchange rate, which has significantly depreciated against the dollar.

Edun stressed that these adjustments reflect better accounting practices and currency corrections rather than fresh debt accumulation. He pointed out that Nigeria's debt profile remains moderate in relative terms, with the debt-to-GDP ratio declining to 36.1% — one of the lowest in Africa and well below the global average, indicating sustainability compared to many peer nations.

This perspective aligns with official data from the Debt Management Office (DMO), which confirmed the N152.40 trillion stock as of June 2025, up modestly from N149.39 trillion at the end of March 2025. The figure includes both domestic and external components, with external debt impacted heavily by forex fluctuations.

In the broader economic context, Edun presented an optimistic outlook for 2026, projecting GDP growth of 4.68%, inflation averaging 16.5%, and the naira stabilizing around N1,400 to the dollar. He highlighted progress in reforms, including easing inflation (down to 14.45% in November 2025 from over 33% a year earlier), rising external reserves ($45.5 billion), and a nearly 60% year-on-year surge in the stock market.

While the headline debt number has raised eyebrows — especially given past concerns over debt servicing costs crowding out capital expenditure — the government's messaging focuses on consolidation after two years of bold reforms, including subsidy removal and exchange rate unification. Edun reiterated the need for sustained, inclusive growth, with upcoming efforts on digital revenue collection, stricter treasury controls, and pro-poor tax measures to support low-income households.

As Nigeria navigates these fiscal dynamics, the emphasis remains on leveraging transparency and structural adjustments to maintain debt sustainability while pursuing higher growth. The full implications will depend on revenue performance, oil receipts, and continued implementation of reforms in 2026.

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