Nigeria Plans N29 Trillion Borrowing in 2026, NESG Warns

N159 trillion. That is how much Nigeria owes as of the beginning of 2026. And the government plans to borrow another N29 trillion before the year is over.

Those are the numbers behind Nigeria’s current economic situation — and the Nigerian Economic Summit Group, one of the country’s most credible voices on economic matters, says Nigerians should be paying close attention to them.

What the Report Found

In its May 2026 Debt Burden Monitor, the NESG said that Nigeria’s debt position looks better on the surface than it actually is underneath. The Debt Burden Index, which captures a broader picture than the standard headline figures, is still showing elevated risk. The economy has stabilised in some ways. But the pressures have not gone away.

The Budget Reality

For 2026, the Federal Government has prepared a budget of N68.32 trillion. More than N20 trillion of that needs to be borrowed. Analysts say actual new borrowing could reach N29 trillion. To put that simply: the government is spending far more than it earns, and plugging the gap with debt.

Why It Matters to Ordinary Nigerians

Debt is not just a number on a government spreadsheet. Every naira the government pays in interest is a naira it cannot spend on roads, schools, hospitals, or electricity. Nigeria already spends a significant portion of its revenue just on debt service — meaning many of the things citizens need keep waiting.

The Central Bank says the debt is manageable. The NESG says the full picture is more concerning. For ordinary Nigerians, figuring out who to believe matters — because the answer will shape their lives for years to come.