Every Nigeria now owes an average of N619,501 if the totality of the country’s external and internal debt portfolio is divided per head.
This is according to a data by the National Bureau of Statistics (NBS).
It is also based on data by the Debt Management Office, which says Nigeria’s public debt stood at N134.297 trillion as of the second quarter of 2024 (June, 2024).
With the National Bureau of Statistics 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 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 further shows that domestic debt stands at N71.2trillion, 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 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.
