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Each Nigerian now owes N192,000, increasing from N45,000 10 years ago

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Nigeria’s ballooning national debt which increased by 20 percent in 2021 to N39.5 trillion, now means each citizen owes N191,889.55 as their share of the country’s debt.

Debt per person is the division of national debt to country’s population which the World Bank estimates is currently at 206 million.

According to DMO data as at the end of 2012, Nigeria’s total debt was N7.5 trillion. Nigeria’s population was put at 167 million people which when divided at that time meant every Nigerian was owing N45,173.

In 2013 the amount increased to N58,486 as Nigeria’s debt stock rose to N10 trillion and world bank estimated Nigeria’s population at 171 million.

When 2015 started, Nigeria was owing N11.2 trillion, and with a population estimate of 176 million people, each Nigerian was equally owing N63,734.

The year ended with Nigeria owing N12.6 trillion, out of which each Nigerian owed N69,580 based on a population of 181 million.

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As at the end of 2017,, the debt stock jumped to N17.3 trillion, putting 185 million Nigerians in a debt burden of N93,353 each.

By 2018 the debt had increased to N21.7 trillion and by that year, each Nigerian’s debt jumped to N113,823 based on a population of 190 million people.

The year 2018 ended with a debt burden of N24.3 trillion, and each Nigerian owed N124,503. The population estimate was 195 million people.

In 2020, Nigeria national debt reached N27.4 trillion, and with a population estimate of 200 million, each Nigerian owed N136,349.

The latest data showed Nigeria borrowed N6.6 trillion to increase each Nigerian’s debt to N192,000.

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