Nigeria’s national debt has soared to a staggering N134.297 trillion, resulting in a per capita debt burden of approximately N620,000. This surge, as reported by the Debt Management Office (DMO), underscores the growing financial strain the country faces. The debt includes both external and domestic obligations, as well as the debts of the 36 states and the Federal Capital Territory (FCT).
The rise in debt has been attributed to several factors, including fluctuations in exchange rates, rising interest rates, and new borrowing to fund the 2024 budget. Additionally, a significant portion of the increase can be traced to the securitization of outstanding debts, such as the N7.3 trillion Ways and Means Advances.
Public reaction to the news has been mixed, with many Nigerians expressing frustration over the growing debt, which they feel does not directly benefit them. Social media discussions reveal concerns about the long-term economic implications, while others inject humor into the conversation, reflecting the complex mix of emotions surrounding the issue.
For further details, you can see the full statistics by the Debt Management Office on the recent rise in national debt.
