Olayomi Koiki
Every Nigerian owes ₦619,501, according to a debt review for the second quarter debt portfolio of the country, released by the statistics service.
According to the data published by the Debt Management Office (DMO), Nigeria’s public debt stood at ₦134.3 trillion as of the second quarter of 2024 (June 2024).
The new debt figure of the country put at ₦134.3 trillion is a ₦13 trillion increase from the ₦121 trillion recorded as of March 2024.
With the National Bureau of Statistics (NBS) putting the country’s population at 216.7 million, it would mean that debt per capita stands at ₦619,501 based on the latest debt figure released by the DMO.
“The total public debt is ₦134tn. This includes public debt stock and domestic debt of the FGN (Federal Government of Nigeria), states, and FCT (Federal Capital Territory) as of June 30, 2024,” the data from DMO stated.
The data revealed that domestic debt stands at ₦71.2 trillion, while external debt stands at ₦63 trillion.
Of the amount owed, states owe ₦7.1 trillion externally while the federal government owes ₦55.8 trillion externally. States owe ₦4.2 trillion domestically while the federal government owes ₦66.9 trillion.