Nigeria Plans N54.7 Trillion Borrowing Over 2026–2028 Amid Rising Public Debt

Nigeria is set to borrow a cumulative total of N54.7 trillion over the next three fiscal years, according to the recently approved Medium Term Expenditure Framework (MTEF) for 2026–2028. The plan includes N17.8 trillion for 2026, N21.1 trillion for 2027, and N15.8 trillion for 2028, split between domestic and international sources. This comes as Nigeria’s public debt continues to rise, reaching N149.3 trillion as of March 2025, up from N144.6 trillion in December 2024. Domestic debt remains the primary source of borrowing, reflecting the government’s reliance on local financing amid economic challenges and growing fiscal pressures.