Nigeria’s public debt stock increased from N97.34 trillion ($108.23 billion) in the fourth quarter of 2023 to N121.67 trillion ($91.46 billion) in the first quarter of 2024.
The debt stock which includes external and domestic debts, grew by 24.99 per cent on a quarter-on-quarter basis.
The National Bureau of Statistics (NBS) disclosed this in its Nigerian Domestic and Foreign Debt Report for Q1 2024 released in Abuja, on Tuesday.
According to the report, external debt stood at N56.02 trillion (42.12 billion dollars) in Q1 2024, while domestic debt was N65.65 trillion (49.35 billion dollars).
“However, the share of external debt to total public debt stood at 46.05 per cent in Q1 2024, while domestic debt was recorded at 53.95 per cent.’’
A state by state breakdown showed that the bureau said that Lagos State recorded the highest domestic debt of N929.41 billion in Q1 2024, followed by Delta with N334.90 billion.
The report showed that Jigawa recorded the lowest domestic debt at N2.07 billion, followed by Ondo at N16.40 billion.
