Nigeria’s debt per capita soars to ₦620,000
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 ₦620,000.
According to the Debt Management Office (DMO), Nigeria’s total public debt reached ₦134.297 trillion as of the second quarter of 2024.
With Nigeria’s population estimated at 216.7 million, this translates to a debt burden of ₦619,501 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 ₦70,000, underscoring the growing strain on the economy.
The breakdown of Nigeria’s debt reveals that domestic debt totals ₦71.2 trillion, while external debt amounts to ₦63 trillion.
The federal government is responsible for the bulk of the external debt, with a total of ₦55.8 trillion, while state governments account for ₦7.1 trillion of the external debt.
Domestically, the federal government’s debt is pegged at ₦66.9 trillion, while states owe ₦4.2 trillion.
This new debt figure represents an increase of ₦13 trillion from the ₦121 trillion recorded in March 2024, raising concerns about Nigeria’s increasing dependence on loans.
Despite growing calls from various sectors for reduced borrowing and more sustainable fiscal policies, the Nigerian government continues to face challenges with its high debt burden, which many worry could undermine the country’s long-term economic stability.
Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.
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