Every Nigerian Now Owes N619,501 According To Debt Per Capita Report

According to the National Bureau of Statistics’ (NBS) data evaluation of the nation’s debt portfolio for the second quarter, the average amount of debt owed by a Nigerian is N619,501.

Nigeria’s public debt was N134.297 trillion as of the second quarter of 2024 (June 2024), according to data released by the Debt Management Office.

According to the most recent debt statistic given by the DMO, the country’s population, as reported by the National Bureau of Statistics, is 216.7 million, meaning that the debt per capita is N619,501.

The data from DMO stated that, “The total Public debt is N134tn. This is for public debt stock – external and domestic debt of the FGN (Federal Government of Nigeria), states, and FCT (Federal Capital Territory) as of June 30, 2024.”

The debt data also reveals that the external debt is N63 trillion and the domestic debt is N71.2 trillion.

The federal government owes N55.8 trillion for external debt, while the states owe N7.1 trillion.

The federal government owes N66.9 trillion, while the states owe N4.2 trillion domestically.

From the N121 trillion recorded as of March 2024, the country’s new debt level of N134 trillion represents a N13 trillion rise.

The development coincides with calls for the Nigerian government to rely less on loans.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli