A recent report on Nigeria’s debt portfolio for the second quarter of 2024, released by the National Bureau of Statistics (NBS), reveals that the average debt owed by each Nigerian stands at N619,501.
According to the Debt Management Office (DMO), Nigeria’s total public debt reached N134.297 trillion as of June 2024. With the country’s population estimated at 216.7 million, this translates to a debt per capita of N619,501. To put this into perspective, this figure is nearly nine times the newly approved minimum wage of N70,000.
The data also highlights a sharp rise in Nigeria’s debt under President Tinubu’s administration, with the national debt increasing by N46.9 trillion since his government took office. Domestic debt now totals N71.2 trillion, while external debt stands at N63 trillion. The federal government’s share of external debt is N55.8 trillion, while states are responsible for N7.1 trillion in external liabilities. Domestically, the federal government owes N66.9 trillion, and states owe N4.2 trillion.
The country’s total debt has grown by N13 trillion since March 2024, prompting calls for the government to reduce its dependence on borrowing.
