Every Nigerian ‘owes’ over ₦700k as the nation’s debt profile rises under President Tinubu.
NewsOnline Nigeria reports that Nigeria’s total public debt skyrocketed to ₦142.3 trillion by the end of September 2024, marking a 5.97% increase from the ₦134.3 trillion recorded in June, according to the latest figures from the Debt Management Office (DMO).
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![A customer exchanges Nigerian 1000 Naira banknotes for US dollar banknotes with a street currency dealer at a market in Lagos, Nigeria, on Monday, Sept. 25, 2023. [Getty Images]](data:image/gif;base64,R0lGODdhAQABAPAAAMPDwwAAACwAAAAAAQABAAACAkQBADs=)
“The Federal Government remains the primary driver of domestic debt, rising from N66.96 trillion in June to N69.22 trillion in September,” the DMO noted.
Debt owed by states and the Federal Capital Territory (FCT) decreased marginally, from ₦4.27 trillion to ₦4.21 trillion.
With the naira’s depreciation exerting significant pressure, financial experts warn that Nigeria’s rising debt stock underscores the urgent need for fiscal reforms to stabilise the economy.
