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Nigeria’s Debt Per Capita Hits ₦619,501 as Total Public Debt Rises to ₦134 Trillion
The National Bureau of Statistics (NBS) has reported that Nigeria’s debt per capita now stands at ₦619,501, following a review of the country’s debt portfolio for the second quarter of 2024.
The Debt Management Office (DMO) disclosed that Nigeria’s total public debt has surged to ₦134.297 trillion as of June 2024, marking an increase of ₦13 trillion from the previous quarter’s total of ₦121 trillion.
Based on Nigeria’s estimated population of 216.7 million, the debt per person averages ₦619,501. The DMO’s report breaks down the debt into domestic and external components: domestic debt stands at ₦71.2 trillion, while external debt totals ₦63 trillion.
Within the external debt figure, the federal government owes ₦55.8 trillion, and states owe ₦7.1 trillion.
Domestically, the federal government’s debt is significantly higher at ₦66.9 trillion, with states owing ₦4.2 trillion.
The rising debt has reignited discussions around Nigeria’s reliance on borrowing, with increased calls for the government to explore sustainable financing strategies to reduce the debt burden on citizens.
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Bauchi Governor Urges Tinubu to Reconsider Unpopular Economic Policies
The Governor of Bauchi State has called on President Bola Tinubu to revisit current economic policies, arguing that they lack widespread support among Nigerians.
Speaking during a Christmas Day event in Bauchi on December 26, the governor urged the presidency to prioritize the grievances of the masses over pride.
“We are calling on the presidency and the federal government to change their style. Whenever a policy is not popular, they should listen to the people and not assume that whatever they say must stand. This is not a military rule but a democracy,” he said.
He also emphasized the importance of unity across political divides to tackle Nigeria’s economic challenges. “There is a lot of hardship.
We must work together across party lines and government tiers to provide relief for Nigerians. Leadership is not about ego; it’s about listening and making necessary changes,” the governor added.
His comments come amid widespread criticism of President Tinubu’s economic policies, which many claim have worsened the struggles faced by Nigerians.
News
Wike Denies Land-Grabbing Allegations, Says He’s in Charge of Abuja Lands
Nyesom Wike, the Minister of the Federal Capital Territory (FCT), has refuted allegations of land grabbing, stating that as the constitutional authority over lands in Abuja, he cannot “grab what he is in charge of.”
Speaking at an end-of-year thanksgiving organized by PDP stakeholders in Ahoada East and West, Rivers State, Wike emphasized his commitment to enforcing rules in the FCT.
“People say land grabbing—do you grab what you are in charge of? I oversee lands in Abuja, so how can I grab what is under my authority? Those grabbing land are the ones I am dealing with,” Wike declared.
He praised President Bola Tinubu for giving him the opportunity to serve and implement the “Renewed Hope Agenda,” noting, “Yesterday’s failures to enforce rules do not mean they cannot be enforced today. No matter the propaganda, I will always do what is right.”
Wike also dismissed threats and blackmail aimed at him, asserting that his focus remains on executing his duties effectively, regardless of criticism.
News
Suzuki Motors Founder, Suzuki Passes Away After Battle with Cancer
Suzuki Motors’ founder, Suzuki, has passed away at the age of 94 after a battle with cancer. The businessman maintained a string business through his leadership for 4 decades straight. Suzuki started out by focusing the business in Japan before improving the fuel and quality of the products.
He then began deals with international buyers and his business began to grow from there. He also once formed an allegiance with Toyota motors and Volkswagen in 2019.
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