In a significant update on the country’s economic landscape, Nigeria‘s public debt has witnessed an astounding surge to N87.38 trillion (equivalent to 113.42 billion dollars) during the second quarter of 2023. This marks an astonishing 75.27% increase from the first quarter’s figure of N49.85 trillion (108.30 billion dollars).
The National Bureau of Statistics (NBS) revealed these staggering statistics in its Q2 2023 Nigerian Domestic and Foreign Deficit Report, which it released in Abuja.
Examining Nigeria’s Public Debt
The report further dissects this public debt, categorizing it into both external and domestic deficit components. External deficit amounted to N33.25 trillion (equivalent to 43.16 billion dollars), while domestic deficit stood at N54.13 trillion (70.26 billion dollars) during the same period. Notably, in the second quarter of 2023, external deficit accounted for 38.05% of the total public debt, leaving the remaining 61.95% to domestic debt.
Taking a closer look at the deficit landscape across Nigerian states, Lagos State emerged as the frontrunner in terms of domestic deficit, accumulating N996.44 billion during Q2 2023, closely trailed by Delta State with N465.40 billion. Conversely, Jigawa registered the lowest domestic deficit at N43.13 billion, followed by Kebbi at N60.94 billion.
Additionally, the report also revealed the distribution of external deficit among the states, with Lagos State topping the list at 1.26 billion dollars, followed by Kaduna State with 569.38 million dollars. On the opposite end of the spectrum, Borno held the lowest external deficit at 18.75 million dollars, with Taraba slightly above at 21.92 million dollars, as per the NBS report
Table of Contents
Discover more from OGM News NG
Subscribe to get the latest posts sent to your email.
