Nigeria’s total public debt stock hits N42.84trn in Q2 2022 ― NBS

Nigeria’s total public debt stock increased from N35.46 trillion ($86.57 billion) in the second quarter of 2021 to N42.84 trillion ($103.31 billion) in the corresponding period in 2022.

The National Bureau of Statistics (NBS) disclosed this in its Nigerian Domestic and Foreign Debt Report for Q2 2021 to Q2 2022 released on Wednesday in Abuja.

Public debt stock includes external and domestic debts.

The NBS declared that external debt stood at N13.71 trillion ($33.46 billion) in the second quarter of 2021 and increased to N16.61 trillion ($40.06 billion) in the second quarter of 2022.

Also, the NBS said that domestic debt was N21.75 trillion ($53.10 billion) in the second quarter of 2021, but increased to N26.23 trillion ($63.24 billion) in the second quarter of 2022.

“This shows that public debt (in national currency) grew by 20.81 per cent in the second quarter of 2022 from the figure recorded in the second quarter of 2021,” it added.

In a breakdown by states, the NBS stated that Lagos State recorded the highest domestic debt of N797.30 billion in the second quarter of 2022.

It was followed by Delta at N378.87 billion and Ogun at N241.78 billion, while Jigawa recorded the lowest debt at N45.13 billion, followed by Ebonyi and Kebbi at N59.11 billion and N60.41 billion, respectively.

The NBS added that Lagos State also recorded the highest external debt stock of $1.27 billion in the second quarter of 2022, followed by Kaduna State at $586.77 million and Edo at $268.31 million.

The lowest external debt stock was recorded by Borno at $18.69 million, followed by Taraba and Yobe at $22.28 million and $23.09 million, respectively.

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