Nigeria’s public debt stock increased from N49.85 trillion ($108.30 billion) in the first quarter of 2023 to N87.38 trillion ($113.42 billion) in the second quarter of 2023.
The National Bureau of Statistics said this on Friday in its Nigerian Domestic and Foreign Debt Report for Q2 2023.
The report, released in Abuja, said Nigeria’s public debt stock, which included external and domestic debt, grew by 75.27 percent in Q2 of 2023
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It said that external debt stood at N33.25 trillion ($43.16 billion) in Q2 2023, while domestic debt was N54.13 trillion ($70.26 billion).
The report added: “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 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.
In addition, it stated that Lagos State recorded the highest external debt with $1.26 billion, followed by Kaduna State with $569.38 million.
It added: “Borno recorded the lowest external debt with $18.75 million, followed by Taraba with $21.92 million.”