Nigeria’s Public Debt Rises By 2.9% To N44.06trn In Q3, 2022

Nigeria’s public debt stock stood at N44.06 trillion ($101.91 billion) in the third quarter of 2022 (Q3’22), which is 2.85 percent higher than the N42.84 trillion recorded in Q2’22.

The National Bureau of Statistics (NBS) stated this in its Nigerian domestic and foreign debt Q3 2022 report.

The report noted that Nigeria’s public debt stock, which includes external and domestic debt, rose from N42.84 trillion or $103.31 billion in the second quarter of 2022 to N44.06 trillion or $101.91 billion in the third quarter of the same year.

The data showed the debt figure comprised the debt stock of the federal government, the 36 state governments and the Federal Capital Territory.

The report said external debt stood at N17.14 trillion or $39.66 billion while domestic debt was N26.91 trillion in the quarter under review.

It, however, noted that the share of external debt to total public debt stood at 38.91 per cent in Q3 2022, while domestic debt was recorded at 61.08 per cent.

On state profile analysis, NBS said Lagos recorded the highest domestic debt in the period with N877.03 billion, followed by Delta with N272.61 billion and Ogun with N241.78 billion.

“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,” it said.