Nigeria’s ever surging debt hits N134.297 trillion as of last June, dragging each citizen into a N619,501 debt burden without much to show for it.
Nigeria’s Debt Management Office (DMO) reports that the figure stems from Nigeria’s total public debt, which surged to N134.297 trillion by the end of June 2024.
With the country’s population estimated at 216.7 million by the National Bureau of Statistics (NBS), the debt burden per capita reflects the mounting financial strain on citizens.
This amount is equivalent to nine times the newly approved minimum wage of N70,000.
A breakdown of the debt reveals that domestic liabilities stand at N71.2 trillion, while external obligations amount to N63 trillion.
The federal government accounts for a significant portion, with domestic debt at N66.9 trillion and external debt at N55.8 trillion. State governments owe a combined N11.3 trillion.
The N134 trillion debt figure represents a N13 trillion increase since March 2024, raising concerns about the country’s growing dependence on borrowing to finance its operations.
