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

    EDICT ESTABLISHING NIGERIA EXPIRED TEN YEARS AGO – NORTHERN ELDERS

    EDICT ESTABLISHING NIGERIA EXPIRED TEN YEARS AGO – NORTHERN ELDERS The Northern Elders Forum has declared that the Edict that birthed Nigeria expired 10 years ago.The chairman of the Forum, Ango Abdullahi, stated this, in an interview, on the sidelines of a “national dialogue on home grown parliamentary system” organised by a group of members of the House of Representativesunder the aegis of the Parliamentary System Support Group (PSSG).The event was to galvanize support for a bill sponsored by 83 members of the PSSG for the country to return to parliamentary system of government. The bill is awaiting second reading in the House of Representatives.The elder statesman noted:“Nigeria was born in 1914. It was a product of an Edict by the colonial officials that were largely military, in consultation with a few of our elders, about five or six of them. The Sultan of that period. The Shehu of Borno of that period. The Alaafin of Oyo of that period. Obong of Calabar of that period and other names that I have forgotten.“They sat down and looked at development that was taking place in colonized areas of Lagos, Southern Nigeria and the North. So by 1914, the colonial masters in Britain wanted to solidify their gains so that they could more easily exploit the colony. That was how they sat down and agreed that they would amalgamate the territories of Lagos, South and North. And the wife of the governor general at that time, was the one that gave us our name, Nigeria.“In the Edict, if you read it, it was clear that we were being encouraged from various backgrounds to come together and build a country called Nigeria. And our leaders at that time agreed that we will try. But we were advised in the details of the Edict that we should be monitoring progress over the years.. but the life of the edict was 100 years. Which meant that the Edict expired 2014, which is 100 years from its formation..“The question now is that we are now in 2024, this kind of dialogue reminds us that we have a history that started In 1914, and in the conclusion of that Edict, it says if we failed to be a country that we will call our own, and are proud of our country, by the expiration of that period, the various components that were in that amalgamation discussion could go their separate ways.”Abdullahi said the dialogue was one of the ways to chart a path forward for the country.Earlier, the elder statesman stated that the adoption of the presidential system of government was a mistake. “This dialogue should really be as objective as passionate if possible to look at some of the things that we did wrongly. One of the things we did wrongly was to bring in a system that did not fit us. If we can, we should work on something. It must not necessarily be a typical parliamentary system from our former colonial masters, it could be something else.”However, the former speaker of the House of Representatives, Yakubu Dogara, while speaking at the event, said the challenge with the Nigerian version of the presidential system of government is that it stifles accountability.“The major problem with the presidential system is not because we borrowed the system, but those who copied the system did not do a wonderful job. I got to know this in my undergraduate days. The problem is that those who copied and created the 1979 constitution, it is not the American system that we copied. In the US, impeachment of the executive is real, it can happen. Even judges can be impeached.“The provision is that it is the House that carries out impeachment, both for the executive…

    AT 90, WHEN WILL YAKUBU GOWON DO A MEA CULPA? BY DONS EZE

    AT 90, WHEN WILL YAKUBU GOWON DO A MEA CULPA?, BY DONS EZE God has blessed(?) General Yakubu Gowon, Nigeria’s Military Head of State, from 1966 to 1975, to attain an enviable age of 90 years on this planet earth. We rejoice and congratulate him, and wish him many more years ahead. We however note that the attainment of such long life of 90 years should have been an excellent opportunity for one to have looked back at his journey in life, see what he did that was right, and where he had made some mistakes. He will then sincerely atone for those mistakes, or do a mea culpa, and ask God, and those he had injured one way or the other, for forgiveness, as a way of preparing himself for journey to the hereafter. But Yakubu Gowon, who presided over the affairs of Nigeria during her darkest period in history, when the country was plunged into a devastating civil war which claimed millions of lives, rather than become remorseful or sorry for the ignoble role he played, chose to tell lies, and to turn history upside down about what led to the civil war. In a recent newspaper interview to mark his 90th birthday, Gowon said that the Nigerian civil war was caused by the desire of the South East to secede. According to him, “I have always said that if there’s no secession, there wouldn’t be a break out and there wouldn’t be a question of civil war because it got to the stage that the situation was getting pretty clear that a part of the country, the South-east wanted to secede.” But Gowon did not tell us why the South East had wanted to secedeHe also did not say anything about the senseless killing of Easterners in different parts of the country, particularly in the North, which precipitated the desire to secede, and how he, as head of state, had turned blind eye on all these. Gowon said he did not go to Aburi, Ghana, in January 1967,:where solution to the crisis would have been found, with “my Secretary to the Government and officials like advisers”, while”Ojukwu had a different intention, So, he came with all his advisers, and prepared a memorandum”. This shows the naivety and unseriousnes of Yakubu Gowon in handling the affairs of the country. He thought he was going to Aburi on a picnic, jamboree, or sightseeing. That was why he travelled there without any of his advisers, nor prepared any memorandum. Gowon also revealed another of his naivety and unseriousnes. He claimed that it was from Ojukwu’s “paper that he was reading all the conditions, things he wanted done. We discussed them. We had two days there. “The agreement was that when we got back, I would be the one to make a statement on the areas we agreed on. “Unfortunately, I was down with a very serious fever; and honestly, I could not do anything. “As soon as Ojukwu got back, he made a statement on what was agreed. I had not seen the document he was using. He made a statement that we had agreed to part or something like that. That was how the confusion started. Of course, when I got better, we disagreed because that was not the agreement.” The Aburi meeting was the first time all the Nigerian military leaders were to meet since after July 29, 1966, when former Head of State, General Aguiyi Ironsi, was assassinated, followed by mass killing of Easterners, both military and civilians, in different parts of the country by Northern Nigeria soldiers, under the supervision of Yakubu Gowon as new Head of State. So, any serious leader, genuinely interested in finding solution to the…

    Leave a Reply

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

    You Missed

    STATE GOVERNORS MEET OVER EXCESS CRUDE ACCOUNT

    • By Dons Eze
    • November 21, 2024
    • 26 views

    COURT REFUSES INJUNCTION TO STOP NUJ ELECTION

    • By Dons Eze
    • November 21, 2024
    • 28 views

    COURT ORDERS ENUGU GOVT TO PAY MAN N55M OVER ILLEGAL DEMOLITION OF SHOPS

    • By Dons Eze
    • November 21, 2024
    • 44 views

    VAT GENERATED IN STATES ACROSS NIGERIA (AUGUST 2024)

    • By Dons Eze
    • November 21, 2024
    • 43 views

    SENATE SACKS CCT CHAIRMAN, DANLADI UMAR

    • By Dons Eze
    • November 20, 2024
    • 36 views

    TINUBU SACKS UNIZIK GOVERNING COUNCIL, REMOVES VC

    • By Dons Eze
    • November 20, 2024
    • 32 views