Nigeria's Debt Burden: N619,501 Per Person - NBS

Debt Crisis - Every Nigerian Now Owes N619,501

The implications of this high debt are severe, with a substantial portion of Nigeria's revenue dedicated to...

Nigeria's debt crisis worsens: External and internal debts hit N134.3trn, with each citizen owing N619,501, according to NBS.

Nigeria's national debt has reached a staggering N134.297 trillion as of June 2024, according to the National Bureau of Statistics (NBS) and the Debt Management Office (DMO). This translates to an average debt burden of N619,501 per Nigerian citizen, calculated based on the country's estimated population of 216.7 million.

Breaking down the debt, individual states owe N7.1 trillion in external debt, while the Federal Government carries a significant external debt of N55.8 trillion. This substantial debt includes both domestic and external liabilities, posing significant concerns for the country's economic stability.

Historically, Nigeria's debt issues have deep roots, dating back to the 1960s. The country's external debt grew rapidly in the 1970s, reaching $30 billion by 1982. Although Nigeria secured $18 billion in debt relief in 2005, its debt-to-GDP ratio has continued to rise, reaching 46.3% by 2023 and 52% in the first quarter of 2024.

The implications of this high debt are severe, with a substantial portion of Nigeria's revenue dedicated to servicing external debt rather than investing in essential public services like healthcare, education, and infrastructure. Experts warn that Nigeria is shifting from a sustainable debt path to a debt trap, emphasizing the urgent need for enhanced revenue generation and fiscal reforms.

Key Debt Figures:

• Total Public Debt: N134.297 trillion
• External Debt (States): N7.1 trillion
• External Debt (Federal Government): N55.8 trillion
• Debt per Capita: N619,501
• Debt-to-GDP Ratio: 52% (Q1 2024).

Nigeria's debt profile has taken a significant hit, with the country's total public debt soaring to N134 trillion, a staggering N13 trillion increase from the N121 trillion recorded just three months prior in March 2024. This upward trajectory is primarily driven by the federal government's domestic debt, which now stands at N66.9 trillion, and states' debts, which have reached N4.2 trillion.

Breakdown of Nigeria's Debt

Federal Government's Domestic Debt: N66.9 trillion

States' Debts: N4.2 trillion

Total Public Debt: N134 trillion, representing a N13 trillion increase from March 2024 

The National Bureau of Statistics provides regular updates on Nigeria's debt profile, offering insights into the country's economic landscape. Additionally, the Debt Management Office Nigeria plays a crucial role in managing the country's debt, providing information on domestic and external debts, as well as strategies for debt sustainability.