Nigeria’s public debt stock rises to N87.38trn in Q2 2023

Nigeria’s public debt stock has increased to N87.38 trillion ($113.42 billion dollars) in the second quarter of 2023.

The public debt stock increased to N87.38 trillion from N49.85 trillion ($108.30 billion) recorded in the first quarter of 2023.

The National Bureau of Statistics (NBS) said in its Nigerian Domestic and Foreign Debt Report for Q2 2023 released on Friday, September 15, 2023.

The NBS said Nigeria’s public debt stock which included external and domestic debt, grew by 75.27 per cent in Q2 2023.

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It noted that external debt stood at N33.25 trillion ($43.16 billion) in Q2 2023, while domestic debt was N54.13 trillion ($70.26 billion).

It stated that the share of external debt to total public debt stood at 38.05 per cent in Q2 2023, while domestic debt was recorded at 61.95 per cent.

In a breakdown by states, the NBS said Lagos State recorded the highest domestic debt of N996.44 billion in Q2 2023, followed by Delta State at N465.40 billion.

The report showed Jigawa State recorded the lowest domestic debt at N43.13 billion, followed by Kebbi State at N60.94 billion.

The NBS stated that Lagos State recorded the highest external debt with $1.26 billion, followed by Kaduna State with $569.38 million.

It added that Borno State recorded the lowest external debt with $18.75 million, followed by Taraba State with $21.92 million.

The Star