Nigeria’s Public Debt Hits N87.91trn, Grows by 0.61%

By Zekeri Idakwo

Nigeria public debt has increased by 0.61 percent in the third quarter of 2023.

According to the latest data from the National Bureau of Statistics (NBS), Nigeria’s total public debt stock which includes external and domestic debt stood at N87.91 trillion (US$114.35 billion) in the third quarter of 2023.

This represents an increase of 0.61% from the previous quarter, when the debt stock was N87.38 trillion (US$113.42 billion), indicating quarter-on-quarter basis growth.

Despite the increase, the country remains within the safe debt limit as stipulated by the Fiscal Responsibility Act of 2007.

However, some analysts have raised concerns about the sustainability of the country’s debt levels, given the challenges posed by high inflation and currency depreciation.