According to the Nigerian Domestic and Foreign Debt Report for Q4 2023, released by the National Bureau of Statistics (NBS) in Abuja on Tuesday, Nigeria witnessed an increase in its public debt stock.
The figures rose from N87.91 trillion (equivalent to $114.35 billion) in the third quarter of 2023 to N97.34 trillion (approximately $108.23 billion) in the fourth quarter of the same year.
This represents a quarter-on-quarter growth rate of 10.73%. The report further indicates that external debt amounted to N38.22 trillion (about $42.50 billion), while domestic debt reached N59.12 trillion (roughly $65.73 billion) in Q4 2023.
“However, the share of external debt to total public debt stood at 39.26 percent in Q4 2023, while domestic debt was recorded at 60.74 percent.’’
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According to the bureau’s breakdown by state, Lagos State led in domestic debt, recording N1.05 trillion in Q4 2023, followed by Delta with N373.41 billion. Jigawa had the lowest domestic debt at N42.76 billion, followed by Kebbi at N60.69 billion.
“Borno recorded the lowest external debt with 20.49 million dollars, followed by Yobe with 21.49 million dollars,” the NBS stated.
(NAN)
