Nigeria’s total debt stock rises by 75% to N87.38trn in Q2 2023


Nigeria’s total debt stock has increased by 75.27 per cent in the Second Quarter of 2023 to N87.38 trillion, from the N49.85 trillion recorded in Q1 2023.

The National Bureau of Statistics’, NBS, disclosed this in the ‘Nigerian Domestic and Foreign Debt, Q2 2023’, released on Friday.

The country’s total external debt stood at N33.25 trillion (US$43.16 billion) in Q2 2023, while the 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 per cent in Q2 2023, while the share of domestic debt (in naira value) to total public debt was 61.95 per cent.

Meanwhile, Lagos state recorded the highest domestic debt in Q2 2023 with N996.44 billion, followed by Delta with N465.40 billion.

On the other hand, 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. In comparison, Borno State had the least external debt, with US$18.75 million, followed by Taraba with US$21.92 million.

Saga Gist recalls that the country’s total debt stock for Q1 2023 stood at N49.85 trillion.

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