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FCT, ABUJA, NIGERIA – Nigeria’s debt burden has surged, with the National Bureau of Statistics (NBS) reporting that each Nigerian owes an average of N619,501.
This staggering figure comes as the nation’s total public debt reached N134.3 trillion by June 2024, reflecting a significant increase from the N121 trillion recorded in March.
The Debt Management Office (DMO) data shows that, out of this massive debt, the federal government accounts for the lion’s share. As of June, the federal government’s external debt stood at N55.8 trillion, while its domestic debt reached N66.9 trillion. States also face substantial debt, with external obligations totaling N7.1 trillion and domestic debt at N4.2 trillion.
The NBS places Nigeria’s population at 216.7 million, translating to a per capita debt of N619,501 for each citizen. This figure underscores the heavy debt load on every Nigerian as the country grapples with mounting financial obligations.
The NBS report highlights a concerning trend: an increase of N13 trillion in just three months. This rapid rise in debt calls for urgent fiscal strategies to manage and potentially curb the escalating debt profile, which poses a burden on the nation’s economy and its citizens.
