EVERY NIGERIAN, INCLUDING NEWBORNS, NOW OWES ABOUT N700K AS NIGERIA'S PUBLIC DEBT HITS N166.79TN
Every Nigerian, including newborn babies, is now carrying an estimated debt burden of about ₦700,000, according to Tolulope, a presenter with Nairametrics. Speaking on Nigeria’s rising debt profile, Tolulope said the country’s external debt had climbed from approximately $43.1 billion when President Bola Ahmed Tinubu assumed office to about $54.5 billion by June 2024, representing an increase of roughly $11.4 billion. She added that domestic debt also jumped from around ₦59 trillion to ₦91.5 trillion. Combined, Nigeria’s total public debt currently stands at ₦166.79 trillion. According to the presenter, the Federal Government also projected borrowing an additional ₦29.2 trillion under the 2025 budget. The government has maintained that the funds being borrowed are largely being channelled into economic reforms, infrastructure and other development initiatives. However, Tolulope noted that the growing debt raises questions about its impact on ordinary Nigerians, particularly...