A report by the National Bureau of Statistics (NBS) has revealed that every Nigerian owes an average of N619,501.
The report originates from a data review of the second quarter debt portfolio of the country.
According to the data published by the Debt Management Office, Nigeria’s public debt stood at N134.297 trillion as of the second quarter of 2024 (June 2024).
With NBS putting the country’s population at 216.7 million persons, it would mean that debt per capita stands at N619,501 based on the latest debt figure released by the DMO.
The data from DMO stated thus, “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 further shows that domestic debt stands at N71.2 trillion, while external debt stands at N63 trillion.
Of the amount owed, States owe N7.1 trillion externally while the federal government owes N55.8 trillion externally. States owe N4.2 trillion domestically while the federal government owes N66.9 trillion.
The new debt figure of the country put at N134 trillion is a N13 trillion increase from the N121 trillion recorded as of March 2024.
The development is amid clamour for less reliance on loans by the Nigerian government.
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