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Nigeria's piles on N47 trillion to its debt stock in a year - BUSINESS INSIDER
Nigeria’s debt stock as of Q4 2023, its last update period, saw an increase from its previous figure. Reports indicate that Nigeria’s debt stock increased by N10 trillion from Q3 2023 to Q4. This debt, however, which grew at a rate of 10.73% on a quarter-on-quarter basis, includes both domestic and foreign debts.
- Nigeria's debt surged by N10 trillion in Q4 2023, reaching N97.34 trillion.
- External debt stands at N38.22 trillion, with domestic debt at N59.12 trillion.
- Lagos emerges as the state with the highest domestic and external debt.
A report by Nigeria’s National Bureau of Statistics showed that the country’s debt stock including its domestic and external debts spiked from N87.91 trillion (US$ 114.35 billion) in Q3 2023, to N97.34 trillion (US$108.23 billion) in Q4 2023, when it was last updated.
Nigeria's debt in Q1 2023, stood at N49. 85 trillion (US$41.89 billion), but grew at a rate of 75.27% on a quarter-on-quarter basis to N87.38 trillion (US$113.42 billion) in Q2 2023.
This denotes that from Q1 of 2023 to Q4 of 2023, Nigeria added approximately, N47.49 trillion (US$39.90 billion) to its debt stock.
According to the report, the debt data is provided by the Debt Management Office (DMO). The DMO only publishes external debts bi-annually, i.e. in the second and fourth quarters.
Currently, Nigeria’s external debt stock stands at N38.22 trillion (US$42.50 billion), while total domestic debt is N59.12 trillion (US$65.73 billion).
“The share of external debt (in naira value) to total public debt was 39.26% in Q4 2023, while the share of domestic debt (in naira value) to total public debt was 60.74%,” the report reads.
Of Nigeria’s 36 states, its commercial hub, Lagos recorded the highest external and domestic debt with its domestic debt coming in at N1.05 trillion, and its external debt at $1.24 billion.
“Lagos state recorded the highest domestic debt in Q4 2023 with N1.05 trillion, followed by Delta with N373.41 billion. Jigawa state recorded the lowest domestic debt with N42.76 billion, followed by Kebbi with N60.69 billion,” the report states.
“Again, Lagos state had the highest external debt in Q4 2023 with $1.24 billion, followed by Kaduna with $587.07 million, while Borno recorded the least with $20.49 million, followed by Yobe with $21.49 million,” it adds.
