Each Nigerian now owes an average of N619,501, according to latest debt figures from the Debt Management Office (DMO).
Nigeria’s total debt reached N134.297 trillion by June 2024, showing an increase of N13 trillion since March.
With a population of 216.7 million, the National Bureau of Statistics (NBS) calculates this per capita debt, which is nine times higher than the new minimum wage of N70,000.
Out of the total debt, N71.2 trillion is domestic, while N63 trillion comes from foreign loans.
The federal government holds most of the debt, with N66.9 trillion in local debt and N55.8 trillion from abroad. States collectively owe N11.3 trillion.
This growing debt has sparked concerns about Nigeria’s heavy reliance on borrowing to fund its expenses.
