Nigeria’s public debt stock saw an increase from N87.91 trillion (equivalent to 114.35 billion dollars) in the third quarter of 2023 to N97.34 trillion (which equals 108.23 billion dollars) in the fourth quarter of the same year.
According to the Nigerian Domestic and Foreign Debt Report for Q4 2023 released by the National Bureau of Statistics on Tuesday in Abuja, this represents a quarterly growth of 10.73 percent in Nigeria’s public debt stock, encompassing both external and domestic debts.
The report further delineates that in Q4 2023, Nigeria’s external debt amounted to N38.22 trillion (equivalent to 42.50 billion dollars), while domestic debt stood at N59.12 trillion (which equals 65.73 billion dollars).
Related News: Minister Highlights Progress in Nigeria’s Economy
Breaking down the data by states, the bureau revealed that Lagos State held the highest domestic debt of N1.05 trillion in Q4 2023, closely followed by Delta with N373.41 billion. Conversely, Jigawa recorded the lowest domestic debt at N42.76 billion, followed by Kebbi at N60.69 billion.
Furthermore, Lagos State also topped the list in terms of external debt, with 1.24 billion dollars, trailed by Kaduna State with 587.07 million dollars. Borno had the lowest external debt with 20.49 million dollars, followed by Yobe with 21.49 million dollars, as reported by the NBS.
You can also read: FG Eyes Customs Revenue Boost to Counter Rising Debt, Unemployment