The increase in Nigeria's public debt from about N85 trillion to N93.7 trillion in the fourth quarter of 2023, as revealed by the National Debt Management Office (DMO), is indeed concerning. The rise was primarily attributed to new borrowing by the federal government to finance deficits in the 2024 budget.
Comparatively, the Nigerian debt stock has increased by 118 percent from N46.52 trillion in the fourth quarter of 2022. This significant rise underscores the growing debt burden faced by the country.
To understand the individual impact of this debt burden, calculations by FIJ estimate the debt stock per capita by dividing the total debt by the estimated population of Nigerians, which is currently pegged at 218 million people according to World Bank Open Data.
Based on this calculation, each Nigerian is burdened with a debt of N446,000. This figure highlights the substantial financial obligation borne by every citizen due to the country's escalating public debt. Addressing this debt burden and ensuring sustainable fiscal policies will be crucial for Nigeria's economic stability and growth in the long term.
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