Nigeria’s public debt climbed from N97.34 trillion ($108.23 billion) in Q4 2023 to N121.67 trillion ($91.46 billion) in Q1 2024.
The National Bureau of Statistics stated this on Tuesday in its Nigerian Domestic and Foreign Debt Report for Q1 2024, which was released in Abuja.
According to the report, Nigeria’s public debt stock, which includes both external and domestic loans, increased by 24.99 percent on a quarterly basis.
It stated that in the first quarter of 2024, external debt was N56.02 trillion ($42.12 billion), while domestic debt was N65.65 trillion ($49.35 billion).
It stated, “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.”
According to the bureau’s analysis by state, Lagos State had the greatest domestic debt of N929.41 billion in Q1 2024, followed by Delta with N334.90 billion.
The report found that Jigawa State has the lowest internal debt at N2.07 billion, followed by Ondo State at N16.40 billion.
