A report by the National Bureau of Statistics (NBS) has shown that in the third quarter (Q3) of 2022, Nigeria’s public debt stock rose to N44.06 trillion ($101.91 billion) from N42.84 trillion ($103.31 billion) recorded in the second quarter (Q2) of the same year.

The data was contained in the NBS’ Nigerian Domestic and Foreign Debt Report for Q3 2022 released in Abuja on Tuesday, January 31, 2023.

According to the report, Nigeria’s public debt stock, which includes external and domestic debt, increased by 2.84 per cent in Q3 of 2022.

It said that external debt stood at N17.14 trillion ($39.66 billion) while domestic debt was N26.91 trillion (62.25 billion dollars) within the period under review.

Part of the report obtained by SaharaReporters stated however that the “share of external debt to total public debt stood at 38.92% in Q3 2022, while domestic debt was recorded at 61.08%,” while “Federal Government’s share of domestic debt was 80.07 percent in Q3 of 2022.”

On state profile analysis, the NBS report showed that Lagos State recorded the highest domestic debt in Q3 2022 with N877.03 billion, followed by Delta State which recorded N272.61 billion and Ogun State with N241.78 billion.

Meanwhile, the report showed that the lowest debt profile was recorded in Jigawa State with N44.40 billion, followed by Kebbi and Katsina states with N60.13 billion and N62.37 billion respectively.

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