A new report from the National Bureau of Statistics (NBS) provides insight into Nigeria’s escalating debt levels, revealing that each Nigerian now shoulders an average debt of N619,501.
This figure follows a second-quarter review of the national debt, underscoring the rising financial obligations at both federal and state levels.
According to data from the Debt Management Office (DMO), Nigeria’s public debt stood at N134.3 trillion as of June 2024.
This massive debt translates to N619,501 per capita, based on the country’s estimated population of 216.7 million, as reported by the NBS.
Breaking down the debt further, the report shows that state governments owe N7.1 trillion in external debt, while the federal government accounts for N55.8 trillion of external obligations.
Domestically, state governments hold N4.2 trillion, with the federal government responsible for a significantly larger sum of N66.9 trillion.
This N134 trillion figure reflects a sharp rise from the N121 trillion recorded in March 2024, marking an increase of N13 trillion in just a few months.
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