Nigeria’s Debt Per Capita Reaches N531,000

Abuja, June 21, 2024 (NAN) The Debt Management Office (DMO) says Nigeria’s total public debt stock hit N121.67 trillion (91.46 billion dollars) in March putting the average debt per capita at N530,957.

The Director-General of the DMO, Patience Oniha, gave the new debt position in a statement on Friday in Abuja.

Oniha said that the debt stock comprised the total external and domestic debts of the Federal Government, the 36 state governments, and the Federal Capital Territory (FCT).

According to her, the total domestic debt, as at March, was N65.65 trillion (46.29 dollars), while the total external debt was N56.02 trillion (42.12 billion dollars).

She said that the comparative figure of the total debt stock for December 2023 was N97.34 trillion (108.23 billion dollars).

She said that the increase in the total debt stock was informed by growth in the domestic component of the debt to bridge deficit in the 2024 budget, and instability in the foreign exchange market during the first quarter.

“Excluding Naira exchange rate movements in the first quarter of 2024, only the domestic debt component of the total debt stock grew from N59.12 trillion on Dec. 31, 2023 to N65.75 trillion on March 31.

“The increase was from new borrowing to part-finance the 2024 budget deficit and securitisation of a portion of the N7 3 trillion Ways and Means advances at the Central Bank of Nigeria (CBN),” she said.

She said that improvement in government revenue would go a long way in ensuring debt sustainability, while borrowing, as provided in the 2024 budget would continue. (NAN)

GWG.ng reports that Nigeria’s debt per capita is one that is bound to be of concern to the citizens meaning that each child born in 2024 is inheriting a debt of N531,000.

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