The National Bureau of Statistics (NBS) has released a data summary on Nigeria’s debt portfolio for the second quarter, showing that the average debt of every Nigerian is N619,501.
According to data released by the Debt Management Office, Nigeria’s public debt stood at N134,297 billion for the second quarter of 2024 (June 2024).
According to the latest debt statistics released by the DMO, this translates to a per capita debt of N619,501, as the National Bureau of Statistics puts the country’s population at 216.7 million.
The DMO data states, “The total public debt is NGN 134 trillion. This applies to the public debt stock of external and domestic debt of the FGN (Federal Government of Nigeria), states and FCT (Federal Capital Territory) as at 30 June 2024.”
The debt data also shows that the domestic debt is NGN 71.2 trillion, while the external debt is NGN 63 trillion. Of this, states owe 7.1 trillion naira abroad while the federal government owes 55.8 trillion naira abroad.
States in the country have a debt of 4.2 trillion naira while the federal government has a debt of 66.9 trillion naira.
The country’s total new debt stands at 134 trillion naira, an increase of 13 trillion naira from the 121 trillion naira recorded in March 2024.
The development comes amid calls for the Nigerian government to reduce its reliance on loans.