Nigeria’s national debt has surged to a staggering N134.3 trillion as of the second quarter of 2024, according to a new report from the National Bureau of Statistics (NBS). This amount equates to an average debt of N619,501 for each Nigerian citizen.

The Debt Management Office (DMO) disclosed that by June 2024, Nigeria’s public debt had risen to N134.297 trillion. With the country’s population estimated at 216.7 million, this results in a per capita debt of N619,501.

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The report breaks down the debt by sector, revealing that Nigeria’s states are responsible for N7.1 trillion in external debt and N4.2 trillion in domestic debt. Meanwhile, the federal government’s external debt stands at N55.8 trillion, with its domestic debt amounting to N66.9 trillion.

Since March 2024, the national debt has risen by N13 trillion, highlighting a significant increase in just a few months. This growing debt continues to raise concerns over Nigeria’s fiscal health and future economic stability.