Debt Per Capita: Why Every Nigerian Now Owes N619,501
Yes, according to a recent debt per capita report, every Nigerian effectively owes around N619,501.
This figure arises from Nigeria’s rapidly increasing national debt, which, when divided among the country’s population, shows the per capita debt burden each citizen would hypothetically bear.
Nigeria’s debt, driven by a combination of internal and external borrowing, has grown substantially over recent years.
Key reasons include financing government budget deficits, responding to economic challenges, and funding major infrastructure projects.
This debt growth has raised concerns over the long-term economic impact and the sustainability of current fiscal policies, especially considering the strain it places on public resources and citizens.
This statistic is used to highlight the pressure on Nigeria’s economy and raise awareness among citizens and policymakers alike regarding the need for more sustainable fiscal practices.