In a report released by the National Bureau of Statistics (NBS), it has been revealed that every Nigerian now owes an average of N619,501.
This figure is derived from the country's escalating public debt, which has reached a staggering N134.297 trillion as of the second quarter of 2024.
The data highlights a significant increase from the N121 trillion recorded in March 2024, marking a rise of N13 trillion within just a few months.
The total debt comprises both domestic and external obligations. Specifically, domestic debt stands at N71.2 trillion, while external debt amounts to N63 trillion.
The federal government shoulders the majority of this burden, with N55.8 trillion in external debt and N66.9 trillion domestically. In contrast, state governments owe N7.1 trillion externally and N4.2 trillion domestically.
This surge in debt comes amid growing concerns about Nigeria's financial stability and calls for the government to reduce its reliance on borrowing. The rising debt levels underscore the urgent need for sustainable fiscal policies and economic reforms.
As the NBS report states, "The total Public debt is N134tn. This is for public debt stock – external and domestic debt of the FGN (Federal Government of Nigeria), states, and FCT (Federal Capital Territory) as of June 30, 2024."
Addressing this debt crisis requires a multifaceted approach. Economic experts suggest that Nigeria must implement robust fiscal policies aimed at boosting revenue generation and curbing unnecessary expenditures.
Additionally, there is a pressing need for structural reforms to enhance economic growth and reduce dependency on loans.
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