The National Bureau of Statistics (NBS) has released a concerning report on Nigeria’s public debt stock, which has surged to N97.34 trillion ($108.23 billion) in the fourth quarter of 2023. This represents a 10.73% increase from the previous quarter, with Lagos State leading the charge in both domestic and external debts.
The NBS report indicates that the country’s external debt amounted to N38.22 trillion ($42.50 billion), while domestic debt stood at a higher N59.12 trillion ($65.73 billion). “The balance between external and domestic debt remains a critical point of focus, with external debt constituting 39.26% and domestic debt 60.74% of the total public debt,” the report stated.
Lagos State, Nigeria’s economic hub, recorded the highest domestic debt of N1.05 trillion, dwarfing Delta State’s N373.41 billion. On the international front, Lagos also carried the heaviest burden with an external debt of $1.24 billion, significantly ahead of Kaduna State’s $587.07 million.
“The figures reflect the economic pressures faced by the states, with Lagos, as a commercial centre, bearing a substantial part of the national debt,” the NBS noted. In contrast, states like Jigawa and Kebbi recorded the lowest domestic debts, at N42.76 billion and N60.69 billion respectively, while Borno and Yobe had the least external debts.
