Nigeria’s national debt has risen to a record ₦134.3 trillion, meaning each Nigerian effectively owes ₦619,501, according to a report from the National Bureau of Statistics (NBS), for the second quarter of 2024.

Data from the Debt Management Office (DMO) revealed that, as of June 2024, Nigeria’s public debt had increased by ₦13 trillion from ₦121 trillion in March 2024. With a population estimate of 216.7 million, the latest figures indicate a significant debt burden per capita.

Breaking down the debt structure, the federal government’s external debt reached ₦55.8 trillion, while states owed ₦7.1 trillion externally. Domestically, the federal government owed ₦66.9 trillion, and states accounted for an additional ₦4.2 trillion.

This mounting debt highlights ongoing fiscal challenges for Nigeria, with the steep increase over recent months drawing attention to the potential strain on public finances and the implications for future economic stability.