A recent data review from Nigeria’s National Bureau of Statistics (NBS) reveals that, on average, every Nigerian now carries a debt burden of N619,501. This insight stems from the country’s second-quarter debt analysis, highlighting a significant increase in Nigeria's overall debt portfolio.
The Debt Management Office (DMO) reported that, as of June 2024, Nigeria’s public debt has reached N134.297 trillion. Given Nigeria’s population estimate of 216.7 million, the debt per capita—amount owed per citizen—now stands at N619,501.
Breaking down the debt further, the DMO’s figures outline both domestic and external obligations. Domestic debt amounts to N71.2 trillion, while external debt is at N63 trillion. In more detail, Nigerian states collectively owe N7.1 trillion in foreign debt, whereas the federal government’s external debt is N55.8 trillion. Domestically, states owe N4.2 trillion, and the federal government’s share is a substantial N66.9 trillion.
The latest figures, totaling N134 trillion, mark a N13 trillion increase since March 2024, when the public debt stood at N121 trillion. This upward trend has sparked renewed calls for the Nigerian government to reduce its reliance on borrowing as it strives for fiscal stability.
