Nigeria’s public debt has reached an all-time high of N134.3 trillion as of the second quarter of 2024, representing a 10.35% increase from the N121.7 trillion recorded in the first quarter. This staggering figure translates to an average debt of N619,501 per Nigerian citizen.
This significant surge is primarily attributed to the devaluation of the naira, Nigeria’s currency. To put this into perspective, the country’s debt stock grew from N121.7 trillion ($91.5 billion) in Q1 2024 to N134.3 trillion ($91.3 billion) in Q2 2024.
The dollar amount of debt remained relatively stable, but the naira’s devaluation led to the substantial increase in the debt stock. This development raises concerns about Nigeria’s economic stability and the potential implications for its citizens.