A new report by the National Bureau of Statistics (NBS) has revealed that the debt burden on every Nigerian has risen sharply, with the average debt per capita now standing at approximately N620,000.
According to the Debt Management Office (DMO), Nigeria’s total public debt reached N134.297 trillion as of the second quarter of 2024.
With Nigeria’s population estimated at 216.7 million, this translates to a debt burden of N619,501 for every Nigerian citizen, a figure that puts the country’s financial situation into stark perspective.
This sum is nearly nine times the newly approved minimum wage of N70,000, underscoring the growing strain on the economy.
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The breakdown of the debt shows that domestic debt stands at N71.2 trillion, while external debt totals N63 trillion.
The federal government owes the majority of the external debt, with a total of N55.8 trillion, while state governments are responsible for N7.1 trillion of the external debt.
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Domestically, the federal government’s debt stands at N66.9 trillion, with states owing N4.2 trillion.
The new debt figure marks an increase of N13 trillion from the N121 trillion recorded in March 2024, raising concerns about the country’s growing reliance on loans.
Despite mounting calls from various quarters for reduced borrowing and more sustainable fiscal policies, the Nigerian government continues to grapple with a high debt burden, which many fear could impact the country’s economic stability in the long term.
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