Nigeria’s Debt Reaches N134 Trillion, Averaging N619,501 Per Citizen

According to a recent review by the National Bureau of Statistics (NBS), Nigeria’s average debt per citizen has reached N619,501. Data from the Debt Management Office (DMO) indicates that the nation’s total public debt stood at N134.297 trillion as of June 2024, as reported by SaharaReporters.

With the NBS estimating Nigeria’s population at 216.7 million, this total debt translates to a per capita debt of N619,501, based on the latest figures from the DMO.

Breaking down the debt, Nigerian states collectively owe N7.1 trillion in external debt, while the federal government holds N55.8 trillion in external obligations. Domestically, the states owe N4.2 trillion, and the federal government owes N66.9 trillion.

The new debt figure of N134 trillion marks an increase of N13 trillion from the N121 trillion recorded in March 2024.