ionigeria.com Nigerian Newspaper
Japan with a population of 126,847,639 now has the highest national debt per citizen. Data gathered and calculated by LearnBonds.com shows that each Japanese national owes $89,525.51 of the $11.4 trillion national debt.
Nigeria with a population of 201,147,305 is among the least indebted countries with a national debt of $142,292,148,000. This translate to public debt of $707.40 per every Nigerian. Indonesia also has a low debt per person at $1,283 with a population of 270,731,905
Japan’s debt represents a difference of about 24% ($19,345) compared to the United States which has a population of 330,315,550. The US with the highest global national debt of $23.2 trillion has a $70,180 debt per person.
On the other hand, China with a population of about 1.4 billion debt per citizen is over 15 times lower than Japan’s, and over 11 times lower than the US. Each Chinese national owes $5,866.
Data gathered as per January 14th shows that China had a public debt of about $8.4 trillion which is three times lower than the United States $23.2 trillion. Notably, China which is the largest economy with the highest population globally has maintained a low national debt when compared to countries in its class.
Explaining Japan’s High National Debt Per Person
Japan’s high public debt per citizen can be attributed to the crashing of the stock market, which forced the government to bail out most banks and insurance companies through the provision of low-interest credit. At the same time, leading banking institutions were consolidated and nationalized in a bid to reignite the economy.
Other countries with high national debt per citizen include Belgium ($50,462), the United Kingdom ($49,211) and Italy ($47,147) closes the top five category. Canada ($46,035) occupies the sixth position.
Elsewhere, each of 65,134,025 French citizens owes a debt of $43,427 to make it the seventh most country with a high public debt person against the $2.8 trillion national debt.
Which citizen, you people should continue to indebt this country…
And what is the per capita income of a Nigerian compared with that of the citizens of other nations?
The other nations are very productive: The value they generate from their borrowing is more than their cost of borrowing – hence the return on their borrowing is able to pay off the debt.
In Nigeria, we borrow to consume, heaping the responsibility of repayment to generations yet unborn.
However, according to the principle of reincarnation, those who raise and squander these loans (believing they are smart and in the corridors of power today), will be reborn when these squandered loans are due for repayment – so that as they enjoy the affluence of waste today, they will also suffer the pangs of lack, then.
Perfect justice – no shaking!