Each Nigerian Now Owes N619,501, According to Per Capita Debt Report

A data review for Nigeria’s second-quarter debt portfolio, released by the National Bureau of Statistics (NBS), shows that the average debt owed per Nigerian is N619,501.

According to figures from the Debt Management Office, Nigeria’s public debt reached N134.297 trillion as of the second quarter of 2024 (June 2024).

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

The data from DMO stated that, “The total Public debt is N134tn. This is for public debt stock – external and domestic debt of the FGN (Federal Government of Nigeria), states, and FCT (Federal Capital Territory) as of June 30, 2024.”

The debt data reveals that Nigeria’s domestic debt stands at N71.2 trillion, while external debt is N63 trillion.

Of the total external debt, states owe N7.1 trillion, and the federal government owes N55.8 trillion. For domestic debt, states owe N4.2 trillion, while the federal government owes N66.9 trillion.

The new national debt figure of N134 trillion marks a N13 trillion increase from the N121 trillion recorded in March 2024, amid ongoing calls for the Nigerian government to reduce its reliance on loans.