Nigeria public debt stock rises to N134.30trn in Q2

Omeiza Bilal

Nigeria’s public debt stock which includes external and domestic debt stood at N134.30 trillion ($91.35bn) at the end of second quarter of 2024.

The recent report from National Bureau of Statistics (NBS) showed the debt stock increased by 10.38 per cent quarter on quarter basis compared to N121.67 trillion ($91.46bn) recorded at the end of first quarter 2024.

The NBS report showed that total external debt stood at N63.07 trillion ($42.90bn) at the end of June 2024, while total domestic debt was N71.22 trillion ($48.45bn).

The share of external debt in naira value to total public debt was 46.96 per cent in Q2 2024, while the share of domestic debt (in naira value) to total public debt was 53.04 per cent.

Analysis of debt stock state by state showed that Lagos state recorded the highest domestic debt in Q2 2024 with N885.99 billion, followed by Rivers with N389.20 billion and Delta recorded 304.544 billion to take third position while Jigawa state recorded the lowest with N1.82 billion, followed by Ondo with N15.10 billion.

In addition, Lagos state recorded the highest external debt over the reference period with $1.20 billion, followed by Kaduna with $640.99 million and came third with $380.965 billion while Yobe had the lowest with $20.49 million, followed by FCT with $20.85 million.