Nigeria’s Debt Reaches ₦142 Trillion: Every Nigerian Owes ₦700K

Nigeria’s total debt has gone up to ₦142.3 trillion as of September 30, 2024. This is an increase from the ₦134.3 trillion recorded in June. The Debt Management Office (DMO) shared this information.

The debt is made up of two parts. The first is external debt, which is money that is borrowed from other countries and international lenders. This is now ₦68.89 trillion. The second is domestic debt, which is money borrowed within Nigeria, and it has reached ₦73.4 trillion.

In dollars, Nigeria’s total debt only went up a little, from $42.90 billion in June to $43.03 billion in September. But because the naira has lost value, the amount of external debt in naira increased a lot, from ₦63.07 trillion to ₦68.89 trillion.

Most of the domestic debt is owed by the federal government, which now owes ₦69.22 trillion, up from ₦66.96 trillion in June. The debt owed by states and the Federal Capital Territory reduced a little, from ₦4.27 trillion to ₦4.21 trillion.

With the country owing ₦142 trillion, every Nigerian would owes about ₦700,000 if the debt was shared equally. This shows how serious Nigeria’s debt situation has become.

 

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