Nigeria’s public debt stock increased from N42.84 trillion (103.31 billion dollars) in the second quarter of 2022 to N44.06 trillion (101.91 billion dollars) in the third quarter of 2022.
The National Bureau of Statistics (NBS) in its Nigeria Domestic and Foreign Debt Report disclosed this information for Q3 2022.
The report said Nigeria’s public debt stock which includes external and domestic debt stood at N44.06 trillion (US$101.91 billion) in Q3 2022 from N42.84 trillion (US$ 103.31 billion) in Q2 2022. This shows that public debt (in national currency) grew by 2.84% in Q3 2022.
External debt stood at N17.14 trillion (US$39.66 billion) in Q3 2022, while domestic debt was N26.91 trillion (US$ 62.25 billion). However, the share of external debt to total public debt stood at 38.92% in Q3 2022, while domestic debt was recorded at 61.08%.
According to the figures, Lagos State, retained the number one position as the most indebted state in the country, with its domestic debt burden amounting to N877.03 billion, followed by Delta with N272.61 billion and Ogun with N241.78 billion. On the other hand, the lowest debt was recorded in Jigawa with N44.40 billion, followed by Kebbi and Katsina with N60.13 billion and N62.37 billion respectively.
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