"N87.91 Trillion Debt Profile": New Data Shows How Much Each Nigerian Owes Under Tinubu

• Recent data shows that debt per capita has ballooned under President Bola Tinubu
• The development comes as Nigeria’s total public debt hit N87.91 trillion as of September
• Following the new calculations and Nigeria’s population, debt per capita now stands at N405,520

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

Data from the Debt Management Office (DMO) shows that Nigeria’s total public debt stands at N87.91 trillion as of September 2023.

The figure includes new borrowings under President Bola Tinubu.

The increased debt profile comes four months after President Tinubu and 18 new governors came into office in May 2023.

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Nigeria's debt profile hits N87 trillion as per capita debt stands at N405,000

The National Bureau of Statistics said as of the end of September 2023, Nigeria’s public debt is about N87.91 trillion, corroborating DMO’s figures.

The country’s total external debt stood at N31.98 trillion, while the total domestic debt was N55.93 trillion in Q3 2023.

Calculating debt per capita, with a population of 216,783,381, each Nigerian owes about N405,520.02.

Nigeria spends $3 billion on debt servicing in 10 months

Data released by the Central Bank of Nigeria (CBN) shows the total amount of external debt servicing in 2023 from January to October.

During the ten months, the country paid $3.07 billion in servicing its foreign debt. The amount represents an increase of $850.42 million or 38.31% over the $2.22 billion it spent during the same time in 2022, Legit.ng reported.

An analysis of the data showed that to service its external debt, the Nigerian government spent $112.35 million in January, $288.54 million in February, and $400.47 million in March.

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In addition, $92.85 million was spent in April, $221.05 million in May, $54.36 million in June, and $641.69 million in July.

New Telegraph reported that $309.96 million was spent in August, $439.06 million in September, and $509.73 million in October.

Nigeria’s debt to hit a new record after Tinubu makes a big move on CBN loan

Legit,ng reported that the official data on Nigeria's public debt profile reveals a notable surge, surpassing an eightfold increase in the last ten years.

This substantial growth becomes even more evident when considering the inclusion of the central bank loan recently authorized for securitization by President Bola Tinubu.

Legit.ng recently reported that the Senate approved President Bola Tinubu's proposal to securitize the outstanding N7.3 trillion Ways and Means.

Source: Legit.ng