EVERY NIGERIAN NOW OWES N620,000 – DEBT PER CAPITA REPORT

th 23 6 jpeg


EVERY NIGERIAN NOW OWES N620,000 – DEBT PER CAPITA REPORT

A dats review for the second quarter debt portfolio of the country released by the National Bureau of Statistics (NBS) has shown that the debt owed by every Nigerian on the average stood at N619,501.

According to the data published by the Debt Management Office, Nigeria’s public debt stood at N134.297 trillion as of the second quarter of 2024 (June, 2024).

With the National Bureau of Statistics putting the country’s population at 216.7 million persons, it would mean that debt per capita stands at N619,501 based on the latest debt figure released by the DMO.

Put into further context, each Nigerian owes nine times the newly approved minimum wage of N70,000, if debt per capita is put into context.

Nigeria’s Debt Profile Grows By Record N46.9trillion Under Tinubu-Led Government

The debt data further shows that domestic debt stands at N71.2trillion, whole external debt stands at N63 trillion.

Of the amount owed, States owe N7.1 trillion externally while the federal government owes N55.8 trillion externally.

States owe N4.2 trillion domestically while federal government owes N66.9 trillion.

The new debt figure of the country put at N134 trillion is a N13 trillion increase from the N121 trillion recorded as of March 2024.

The development is amid clamour for less reliance on loans by the Nigerian government.

  • Dons Eze

    DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

    Related Posts

    SIX RICH COUNTRIES WITH POOR CITIZENS

    TINUBU’S GOVT LACKS IDEAS, DYNAMISM, TURNING INTO A MONARCHY – USMAN BUGAJE

    TINUBU’S GOVT LACKS IDEAS, DYNAMISM TURNING INTO A MONARCHY – USMAN BUGAJE Islamic scholar, political activist, and civil society leader, Dr Usman Bugaje, has acknowledged THISDAY newspaper’s right to make the selection and declare President Bola Ahmed Tinubu as Man of the Year but expressed doubts about the criteria used, asserting that many Nigerians associate Tinubu’s presidency with suffering.“I used to know him as a man of ideas,” Bugaje said, recalling his time as National Secretary of the Action Congress (AC). “But I don’t see the ideas, I don’t see the dynamism, I don’t see the progressiveness. I see somebody who is almost turning into a monarch.”Speaking during an interview on ARISE News on Thursday, Dr Usman Bugaje raised concerns about governance, economic policies, and Nigeria’s political culture.Bugaje criticised Tinubu’s approach to governance, particularly focusing on the controversial tax reform bill, which he described as improperly introduced and lacking transparency.“The idea to smuggle things and come in through the back door creates a lot of suspicion,” Bugaje explained. He further stressed that governance in the 21st century should be more structured and scientific, focusing on purpose, process, and performance—elements he argued were missing in current policies.Highlighting broader concerns, Bugaje identified three key governance failures that he believed needed urgent attention: a lack of vision among political leaders, an absence of proper processes in policy making, and a political culture that contradicts principles of accountability, transparency, and the rule of law.“Leaders fail to understand Nigeria’s challenges,” he remarked, emphasising the need for policies grounded in reality.On the tax reform bill, Bugaje criticised the bill’s lack of clear definitions for contentious terms like “attribution” and “derivation,” warning that such ambiguities could lead to conflicts.“This bill has no relevance to the current economic crisis… We need a process that takes cognisance of the economy we’re in and the challenges we face,” Bugaje asserted.While he acknowledged the bill’s attempt to address inequalities, he argued that it did little to tackle Nigeria’s broader economic realities or promote sustainable growth.Bugaje also highlighted the security situation in the country, pointing to emerging threats like urban banditry, which he attributed to rising unemployment. He emphasised the need for a holistic approach to improving security in order to stabilise production and ensure economic recovery.“I feel this bill has no relevance to the current economic crisis that this country is going through and I would rather we start a whole process that takes cognisance of the kind of economy we are in, the challenges our economy is facing and therefore craft something that can gradually pick the economy up and will facilitate production in a way that will make this economy recover,” he stated.Bugaje dismissed the notion that the 1999 Constitution inherently fosters a monarchical style of governance. Instead, he blamed weak institutions, particularly the National Assembly, for failing to check executive excesses.“We don’t have a National Assembly; we have people just out there to make money, they have no idea of what their job is and they just go to these poor constituencies and spread rice and palm oil and nobody talks about that, if we continue that way, some day we will just wake up to a riot. Yes we need to address those weaknesses in our constitution but even as it is in the moment, we are not operating it properly,” he remarked, stressing the need for stronger oversight to ensure accountability and prevent abuse of power.Bugaje also called for the withdrawal of the tax reform bill in order to allow for broader consultations, describing the anticipated public hearings as a necessary but insufficient step.“Why do we have to fight over things that should ideally benefit the country? Why do we have to create a battlefield in the public hearing…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    LEGISLATIVE LAWYERS ASK SUPREME COURT TO REVIEW RIVERS ASSEMBLY JUDGEMENT

    CONTEMPT: NATASHA DRAGS AKPABIO, OTHERS TO COURT

    PDP CRISIS: WIKE’S CAMP KICK AS IKIMI PANEL RECOMMENDS ANYANWU’S EXPULSION

    GROUPS VOICE OUT ANGER OVER ALLEGED PLANS TO IMPEACH FUBARA

    WIKE CALLED BAUCHI GOVERNOR, BALA MOHAMMED, A BETRAYER FOR RENEGING ON PLANS AGAINST ATIKU ABUBAKAR

    LAGOS, AFRICA’S SECOND LARGEST CITY ECONOMY AS GDP HITS $259BN