Nigeria’s public debt rose from N42.84 trillion (103.31 billion dollars) in the second quarter of 2022 to N44.06 trillion (101.91 billion dollars) in the third quarter of 2022.
The National Bureau of Statistics (NBS) stated this in its Nigerian Domestic and Foreign Debt Report for Q3 2022, released in Abuja on Tuesday.
Public debt is known as the amount of money owed by a government to its creditors, which might include bondholders, banks, and other financial organizations.
It results from the government borrowing money to fund operations, invest in infrastructure, or respond to catastrophes such as natural disasters or economic downturns.
Public debt is typically stated as a proportion of a country’s GDP. It can have an impact on the economy by influencing a country’s ability to borrow more in the future, currency exchange rate, and credit rating.
According to the research, Nigeria’s public debt stock, which includes both external and domestic debt, increased by 2.84 percent in the third quarter of 2022.
According to the report, external debt amounted to N17.14 trillion (39.66 billion USD) in the third quarter of 2022, while domestic debt reached N26.91 trillion (62.25 billion dollars).
“However, the share of external debt to total public debt stood at 38.92 percent in Q3 2022, while domestic debt was recorded at 61.08 percent.”
Furthermore, the research revealed that the Federal Government’s share of domestic debt was 80.07 percent in the third quarter of 2022.
According to the statistics, Lagos State will have the highest internal debt of N877.03 billion in the third quarter of 2022.
Delta came in second with N272.61 billion, and Ogun came in third with N241.78 billion.
According to the study, Jigawa had the lowest debt at N44.40 billion, followed by Kebbi and Katsina, which had debts of N60.13 billion and N62.37 billion, respectively.