Nigeria’s national debt has reached N134.297 trillion as of June 2024, according to the latest figures from the Debt Management Office (DMO).
The data reveals that the average debt per Nigerian now stands at N619,501, based on a population estimate of 216.7 million by the National Bureau of Statistics (NBS).
A breakdown of the debt shows that domestic liabilities amount to N71.2 trillion, while external debt stands at N63 trillion.
Of this external debt, the federal government owes N55.8 trillion, while states collectively owe N7.1 trillion.
For domestic debt, states owe N4.2 trillion, and the federal government holds a higher share at N66.9 trillion.
The current debt marks a significant rise from N121 trillion reported in March 2024, adding N13 trillion in just one quarter.
This comes amid ongoing public calls for the government to reduce its reliance on loans, as the debt per capita is now nine times the recently approved minimum wage of N70,000.
