Nigeria’s public debt soars to N97.34 trillion in Q4 2023: NBS report

The National Bureau of Statistics, NBS, Nigeria’s public debt stock rose from N87.91 trillion, $114.35 billion,in the third quarter of 2023 to N97.34 trillion, $108.23 billion, in the fourth quarter of 2023.

The NBS released this information on Tuesday in its Nigerian Domestic and Foreign Debt Report for Q4 2023 in Abuja. The report indicates that Nigeria’s public debt, comprising external and domestic debt, increased by 10.73 percent on a quarter-on-quarter basis. External debt amounted to N38.22 trillion ($42.50 billion) in Q4 2023, while domestic debt was N59.12 trillion, $65.73 billion.

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According to the National Bureau of Statistics, NBS, in the fourth quarter of 2023, the share of external debt to total public debt was 39.26 percent, while domestic debt accounted for 60.74 percent. Lagos State had the highest domestic debt of N1.05 trillion, followed by Delta with N373.41 billion. Conversely, Jigawa recorded the lowest domestic debt at N42.76 billion, trailed by Kebbi at N60.69 billion. In terms of external debt, Lagos State led with $1.24 billion, followed by Kaduna State with $587.07 million. On the other hand, Borno had the lowest external debt with $20.49 million, followed by Yobe with $21.49 million.


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