A recent data review from the National Bureau of Statistics (NBS) has highlighted the growing debt burden on Nigerians, with the average debt per capita now standing at N619,501. According to data from the Debt Management Office (DMO), Nigeria’s total public debt reached N134.297 trillion as of the second quarter of 2024.
This figure represents a significant increase from the N121 trillion recorded in March, with the debt portfolio comprising both domestic and external debt across federal and state levels. 
The DMO reported, “The total public debt is N134tn… for public debt stock—external and domestic debt of the FGN, states, and FCT as of June 30, 2024.”
Further analysis of the report shows that domestic debt stands at N71.2 trillion, while external debt amounts to N63 trillion.
The federal government shoulders the majority of this debt, owing N66.9 trillion domestically and N55.8 trillion externally.
Meanwhile, state governments owe N7.1 trillion externally and N4.2 trillion domestically.
The ongoing reliance on loans has sparked public concern, with many Nigerians urging the government to clarify the debt situation and implement measures to reduce borrowing.
As the debt burden per citizen rises, there are increasing calls for transparency and effective management to relieve the public’s financial anxieties.
