Nigeria’s public debt stock, which includes external and domestic debt, stood at N44.06 trillion (US$101.91 billion) in Q3 2022, having risen by N1.22 trillion from N42.84 trillion (US$ 103.31 billion) in Q2 2022.
This was disclosed Tuesday by the National Bureau of Statistics in its Nigerian Domestic & Foreign Debt Q3 2022 report.
The NBS report said that Nigeria’s external debt stood at N17.14 trillion ($39.66 billion) in Q3 2022, while domestic debt was N26.91 trillion ($62.25 billion)
Rising public debt: The NBS noted that public debt (in national currency) grew by 2.84% in Q3 2022, they added:
- “Nigeria’s public debt stock which includes external and domestic debt stood at N44.06 trillion (US$101.91 billion) in Q3 2022 from N42.84 trillion (US$ 103.31 billion) in Q2 2022. This shows that public debt (in national currency) grew by 2.84% in q3 2022
- “External debt stood at N17.14 trillion ($39.66 billion) in q3 2022, while domestic debt was N26.91 trillion ($62.25 billion).”
The report added that the share of external debt to total public debt stood at 38.92% in q3 2022.
- “However, the share of external debt to total public debt stood at 38.92% in q3 2022, while domestic debt was recorded at 61.08%.
- “In addition, the FG share of domestic debt was 80.07% in q3 2022. On state analysis, Lagos recorded the highest domestic debt in Q3 2022 with N877.03 billion, followed by Delta with N272.61 billion and Ogun with N241.78 billion.”
They added the states with the lowest debt were recorded in Jigawa with N44.40 billion, followed by Kebbi and Katsina with N60.13 billion and N62.37 billion respectively.
What you should know: Nairametrics reported earlier that Nigeria’s total public debt stock rose to N67.58 trillion as of September 2022 according to data compiled from the website of the Debt Management Office and the Central Bank of Nigeria.
Nairametrics calculates the country’s total adjusted public debt stock by adding the debt management-issued debts and the credit extended to the federal government by the central bank via Ways and Means provisions.
The total adjusted public debt stock of N67.5 trillion represents a debt-to-GDP ratio of 35.2%. Nigeria’s total nominal GDP from the 4th quarter of 2021 through to the 3rd quarter of 2022 added up to N191.8 trillion.
