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Nigeria’s public debt rises to $103.31bn- NBS

The National Bureau of Statistics, NBS, says Nigeria’s public debt has risen from $86.57bn in the second quarter (Q2) of 2021 to $103.31bn in Q2 of 2022.

In the Country’s Domestic and Foreign Debt report for Q2 2021 to Q2 2022 released by the Bureau’s site on Wednesday, the amount include external and domestic debts, indicating a 20.81% increase.

According to NBS, the country’s external debt stood at $33.46bn in Q2 of 2021 and increased to $40.06bn in the Q2 of 2022 (38.78% increase), while domestic debt decreased slightly to $53.10bn from $63.24bn in the same period (61.22%).

By states, the report indicates that Lagos recorded the highest domestic debt in Q2 of 2022 with N797.30bn, followed by Delta with N378.87bn and Ogun with N241.78bn.

The report notes that Jigawa has the lowest debt with N45.13bn, followed by Ebonyi and Kebbi with N59.11bn and N60.41bn.

In addition, Lagos state recorded the highest external debt stock in Q2 2022 with $1.27bn, followed by Kaduna with $586.77m and Edo with $268.31m.

The lowest was recorded in Borno, $18.69m, followed by Taraba and Yobe at $22.28m and $23.09m.

Writing by Oluwaseyi Ajibade; Editing by Annabel Nwachukwu