Recent report published by the National Bureau of Statistics revealed that Nigeria’s public debt stock which includes external and domestic debt stood at N87.38 trillion (US$113.42 billion) in Q2 2023 from N49.85 trillion (US$ 108.30 billion) in Q1 2023, indicating a growth rate of 75.27% on a quarter-on-quarter basis.
According to NBS, total external debt stood at N33.25 trillion (US$43.16 billion) in Q2 2023, while total domestic debt was N54.13 trillion (US$70.26 billion).
The share of external debt (in naira value) to total public debt was 38.05% in Q2 2023, while the share of domestic debt (in naira value) to total public debt was 61.95%.
Lagos state recorded the highest domestic debt in Q2 2023 with N996.44 billion, followed by Delta with N465.40 billion.
Jigawa state recorded the lowest domestic debt with N43.13 billion, followed by Kebbi with N60.94 billion.
In addition, Lagos state recorded the highest external debt with US$ 1.26 billion, followed by Kaduna with US$569.38 million.
Borno state had the least external debt with US$18.75 million, followed by Taraba with US$21.92 million.