Nigeria's Debt Burden Soars Under Tinubu, Reaching $205 Billion With $970 Owed Per Citizen
• Nigeria's total public debt hits N87.91 trillion ($205 billion) as of September 2023, including new borrowings under President Bola Tinubu
• With Nigeria's population at 216 million, debt per capita now stands at N405,520 ($970) per person
• External debt is N31.98 trillion ($76 billion) while domestic debt is N55.93 trillion ($133 billion)
• Nigeria spent $3.07 billion servicing foreign debt in first 10 months of 2023, up 38% from 2022
• Debt set to hit new record high after Tinubu secures approval to securitize N7.3 trillion ($17 billion) central bank loan