Nigeria’s Debt Rises to N42.84trn
President Muhammad Buhari

Nigeria’s Debt Rises to N42.84trn

Amidst the Federal government’s plan to securitise N20 trillion borrowed from the Central Bank, Nigeria’s public debt stock increased from N35.46 trillion or 86.57 billion dollars in the second quarter of 2021 to N42.84 trillion or 103.31 billion dollars in the corresponding period in 2002.

The National Bureau of Statistics (NBS) made the declaration in its Nigerian Domestic and Foreign Debt Report for Q2 2021 to Q2 2022 released in Abuja on Wednesday.

Data from Debt Management Office, DMO, indicates that public debt stock includes external and domestic debts.

According to the report, external debt stood at N13.71 trillion (33.46 billion dollars) in the second quarter of 2021 and increased to N16.61 trillion (40.06 billion dollars) in the second quarter of 2022.

The NBS stated also that domestic debt was N21.75 trillion (53.10 billion dollars) in the second quarter of 2021, but increased to N26.23 trillion (63.24 billion dollars) in the second quarter of 2022.

“This shows that public debt (in national currency) grew by 20.81 per cent in the second quarter of 2022 from the figure recorded in the second quarter of 2021,’’ it added.

In a breakdown by states, the bureau stated that Lagos State recorded the highest domestic debt of N797.30 billion in the second quarter of 2022.

It was followed by Delta at N378.87 billion and Ogun at N241.78 billion. Jigawa recorded the lowest debt at N45.13 billion, followed by Ebonyi and Kebbi at N59.11 billion and N60.41 billion, respectively.

It added that Lagos State also recorded the highest external debt stock of 1.27 billion dollars in the second quarter of 2022, followed by Kaduna State at 586.77 million dollars and Edo at 268.31 million dollars.

“The lowest external debt stock was recorded in Borno at 18.69 million dollars, followed by Taraba and Yobe at 22.28 million dollars and 23.09 million dollars, respectively,’’ the report stated. # Nigeria’s Debt Rises to N42.84trn

READ: Federal Government to Securitise over N20trn Taken from CBN

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