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As the Federal Government takes on another N2 trillion in debt, each Nigerian now owes almost N200,000 in national debt.

As the Federal Government takes on another N2 trillion in debt, each Nigerian now owes almost N200,000 in national debt.

As a percentage of the country’s debt, each Nigerian presently owes at least N201,941. As a function of debt per capita, this is the maximum amount each Nigerian might owe (or debt per person). The current number represents a significant increase from the N45,173 owing by each Nigerian when January 2013 began, to N159,675 at the start of last year (2021).

According to data released on Tuesday, 7 June by the Debt Management Office (DMO), Nigeria’s total debt as of March 31, 2022, increased to N41.60 trillion from N39.55 trillion as of the end of 2021.

MUHAMMADU BUHARI
FEDERAL GOVERNMENT OF NIGERIA
MUHAMMADU BUHARI

This indicates that between January and March, the federal government, State borrowed N2.04 trillion.

When a debt stock of N41.60 trillion is divided by a population of 206 million, according to World Bank data, the debt per head or debt per capita is N201,941 (previously mentioned). This represents a N10,051 increase over the N191,889 it was in December 2021. When non-Nigerians are excluded from the population estimate, the total debt owed by all Nigerians rises, at least theoretically.

Nigeria’s public debt stock has risen, as has the amount each Nigerian owes when all of the country’s debts (Federal, State, and Federal Capital Territory) are divided per person. For a given year, debt per capita is determined as the amount owed at the end of the previous year, which is the year’s initial debt stock. In recent years, the country’s expanding debt stock has been a subject of concern, with various pundits warning of a possible debt trap for future generations, as well as questionable advantages from the quickly increasing borrowing.

The IMF expressed alarm over Nigeria’s mounting debt, fearing that the administration that succeeds President Buhari will spend 100% of the country’s revenue to service obligations.
DMO expresses himself The DMO ignores the Debt to Citizen ratio, just as it ignores the Debt to Revenue ratio, but analysts utilize it to give debt stock a human face.

Gistlux Nelson

David is an Entertainment, Sport blogger and a Graphics designer. He is on a mission to help everyday entertainment news, Gossips, Sports and Legit online making tips.

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