Nigeria’s public debt rose to N87.38trn in Q2 2023 – Report

Nigeria’s public debt stock stood at N87.38 trillion (US$113.42 billion) in the second quarter of 2023, the National Bureau of Statistics has said.

The bureau, in its Nigerian domestic and foreign debt Q2 2023 report released Friday, said Nigeria’s public debt stock which includes external and domestic debt rose to N87.38 trillion (US$113.42 billion) in Q2 2023 from N49.85 trillion (US$ 108.30 billion) in Q1 2023.

This, according to NBS, indicates a growth rate of 75.27 per cent on a quarter-on-quarter basis.

The statistics office said total external debt stood at N33.25 trillion (US$43.16 billion) in Q2 2023, while total domestic debt was N54.13 trillion (US$70.26 billion).

It said the share of external debt (in naira value) to total public debt was 38.05 per cent in Q2 2023, while the share of domestic debt (in naira value) to total public debt was 61.95 per cent.

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States

On state profile analysis, it said Lagos State recorded the highest domestic debt in Q2 2023 with N996.44 billion, followed by Delta with N465.40 billion.

“Jigawa State recorded the lowest domestic debt with N43.13 billion, followed by Kebbi with N60.94 billion,” the NBS said.

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In addition, it said Lagos State recorded the highest external debt with US$ 1.26 billion, followed by Kaduna with US$569.38 million.

The report noted that Borno state had the least external debt with US$18.75 million, followed by Taraba with US$21.92 million.