Every Nigerian Now Owes About N620,000 According To Debt Per Capita Report

Nigeria’s public debt has reached an alarming N134.297 trillion as of June 2024, according to the Debt Management Office.

Breaking this down to the individual level, every Nigerian now owes approximately N619,501, which is nine times the country’s minimum wage of N70,000.

This debt per capita figure is calculated based on Nigeria’s population of 216.7 million people.

Debt Breakdown:

• Domestic Debt: N71.2 trillion
• External Debt: N63 trillion
• States’ External Debt: N7.1 trillion
• Federal Government’s External Debt: N55.8 trillion
• States’ Domestic Debt: N4.2 trillion
• Federal Government’s Domestic Debt: N66.9 trillion

This significant increase in debt is a result of the government’s reliance on loans, with a N13 trillion rise from the N121 trillion recorded in March 2024 .

The National Bureau of Statistics and Debt Management Office provide regular updates on Nigeria’s debt profile.