As a Nigerian, you are now owing about 620,00, according to Debt Per Capita report

A recent data review by the National Bureau of Statistics (NBS) highlights the significant debt burden on the average Nigerian.

According to figures released by the Debt Management Office (DMO), Nigeria’s public debt reached N134.297 trillion by the end of the second quarter of 2024 (June 2024).

With the NBS estimating the country’s population at 216.7 million, the debt per capita is calculated at N619,501. This figure reflects the amount each Nigerian would owe if the national debt were distributed equally among the population.

To put this into further context, the per capita debt is approximately nine times the newly approved minimum wage of N70,000.