Nigeria’s public debt stock increases to N121.67trn in Q1 2024 – NBS

Nigeria’s public debt stock increased from N97.34 trillion (108.23 billion dollars) in the fourth quarter of 2023 to N121.67 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 percent on a quarter-on-quarter basis.

It said that 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 percent in Q1 2024, while domestic debt was recorded at 53.95 percent.’’

In a breakdown by state, 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 Jigawa recorded the lowest domestic debt at N2.07 billion, followed by Ondo at N16.40 billion.