By George Omagbemi
Nigeria’s rising debt profile has triggered fresh questions over government borrowing and accountability as the Federal Government opens discussions with the World Bank for three proposed financing facilities worth $1.5 billion, even as public debt reaches ₦166.79 trillion.
Reports calculated Nigeria’s public debt burden at approximately ₦716,822 per citizen, based on the country’s estimated population and total debt. The figure is an analytical calculation, not a personal bill owed by every Nigerian.
The proposed World Bank financing consists of three separate $500 million facilities targeting climate resilience, social protection and early childhood development. The facilities are still at different stages of preparation and have not yet been approved.
The development comes as the Debt Management Office puts Nigeria’s total public debt at ₦166.79 trillion as of June 30, 2026, up from ₦159.35 trillion in March. Nigeria’s outstanding debt to the World Bank Group alone stood at $20.73 billion by June.
Former Vice-President Atiku Abubakar has called on the Federal Government to account for existing borrowings before seeking the additional $1.5 billion, questioning how previous loans and other debt obligations have been utilised.
The proposed borrowing is intended to finance specific programmes, including additional funding for ACReSAL, social protection and early childhood development.
The central accountability question remains: what has previous borrowing delivered, what remains outstanding, and what safeguards will ensure that any new borrowing is fully traceable and produces measurable results for Nigerians?
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