Nigeria’s public debt stock increased from ₦97.34 trillion (108.23 billion dollars) in the fourth quarter of 2023 to ₦121.67 trillion (91.46 billion dollars) in the first quarter of 2024.
The National Bureau of Statistics (NBS) said this on Tuesday in its Nigerian Domestic and Foreign Debt Report for Q1 2024 released in Abuja. The report said Nigeria’s public debt stock, which included external and domestic debts, grew by 24.99% on a quarter-on-quarter basis.
It said that External debt stood at ₦56.02 trillion (42.12 billion dollars) in Q1 2024, while domestic debt was ₦65.65 trillion (49.35 billion dollars).
“However, the share of external debt to total public debt stood at 46.05% in Q1 2024, while domestic debt was recorded at 53.95%.’’
In a breakdown by states, the bureau said that Lagos State recorded the highest domestic debt of ₦929.41 billion in Q1 2024, followed by Delta with ₦334.90 billion. The report showed Jigawa recorded the lowest domestic debt at ₦2.07 billion, followed by Ondo at ₦16.40 billion.