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  • Updated: June 24, 2024

Nigeria’s public debt soars to N121.67tn in Q1 2024 - NBS

Nigeria’s public debt soars to N121.67tn in Q1 2024 - NBS

In the first quarter of 2024, Nigeria's total public debt, comprising both external and domestic liabilities, rose sharply to N121.67 trillion, according to the National Bureau of Statistics (NBS).

This represents a significant increase of 24.99% compared to the N97.34 trillion reported at the end of the third quarter in 2023.

The data was detailed in the NBS's latest report titled "Nigerian Domestic & Foreign Debt Q1 2024."

The report highlighted that by the end of Q1 2024, Nigeria’s external debt had reached N56.02 trillion (approximately US$42.12 billion). Domestic debt, meanwhile, stood at N65.65 trillion (approximately US$49.35 billion).

“Nigeria’s public debt stock, which includes both external and domestic debt, rose to N121.67 trillion (US$91.46 billion) in Q1 2024 from N97.34 trillion (US$108.23 billion) in Q4 2023.

This marks a 24.99% increase on a quarter-on-quarter basis,” the NBS reported.

NBS noted that the share of external debt (in naira value) to total public debt was 46.05% in Q1 2024, while the share of domestic debt (in naira value) to total public debt was 53.95%.

Lagos State, said the bureau, recorded the highest domestic debt in Q1 2024 with N929.41 billion, followed by Delta with N334.90 billion.

It added that Jigawa state recorded the lowest domestic debt with N2.07 billion, followed by Ondo with N16.40 billion.

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