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

Nigeria’s public debt stock increased from N49.85 trillion, 108.30 billion dollars, in the first quarter of 2023 to N87.38 trillion, 113.42 billion dollars, in the second quarter of 2023.

The National Bureau of Statistics, NBS, said this on Friday in its Nigerian Domestic and Foreign Debt Report for Q2 2023 released in Abuja.

The report disclosed that Nigeria’s public debt stock which included external and domestic debt, grew by 75.27 per cent in Q2 of 2023

It said that External debt stood at N33.25 trillion, 43.16 billion dollars, in Q2 2023, while domestic debt was N54.13 trillion, 70.26billion dollars.

“However, 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 bureau said that Lagos State recorded the highest domestic debt of N996.44 billion in Q2 2023, followed by Delta at N465.40 billion.

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

In addition, it stated that Lagos state recorded the highest external debt with 1.26 billion dollars, followed by Kaduna state with 569.38 million dollars.

“Borno state recorded the lowest external debt with 18.75 million dollars, followed by Taraba state with 21.92 million dollars”, the NBS stated.

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