Every Nigerian now owes N619, 501 according to debt per capita report – Debt Management Office
A recent report from the National Bureau of Statistics (NBS) reveals that Nigeria’s average debt per citizen is now N619,501. According to the Debt Management Office (DMO), Nigeria’s total public debt reached N134.297 trillion as of June 2024, in the second quarter. With an estimated population of 216.7 million, this brings the debt per capita to N619,501 based on the latest data.
The debt data reveals that Nigeria’s domestic debt is N71.2 trillion, while external debt totals N63 trillion. Breaking down the figures, states owe N7.1 trillion externally, and the federal government owes N55.8 trillion in external debt. Domestically, states owe N4.2 trillion, while the federal government’s domestic debt is N66.9 trillion.
This brings Nigeria’s total debt to N134 trillion, marking a N13 trillion rise from the N121 trillion recorded in March 2024. This increase occurs amid growing calls for the Nigerian government to reduce its dependency on loans.
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.”
