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Nigeria’s Q4 2023 Public Debt Stock Hits N97.34 Trillion: NBS



In a staggering fiscal revelation, Nigeria’s public debt has surged to unprecedented heights, soaring from N87.91 trillion to a staggering N97.34 trillion in just a quarter! According to the latest report from the National Bureau of Statistics (NBS), released today in Abuja, this mammoth increase represents a jaw-dropping 10.73% surge in the nation’s debt stock.

The report, which meticulously details Nigeria’s domestic and foreign debt landscape for Q4 2023, paints a concerning picture of fiscal strain. External debt alone has ballooned to N38.22 trillion, while domestic debt stands at a staggering N59.12 trillion. Alarmingly, the proportion of external debt to the total public debt now stands at 39.26%, further highlighting the gravity of the situation.

Delving deeper into the numbers, the report unveils a stark contrast among states. Lagos State emerges as a debt titan, boasting the highest domestic debt of N1.05 trillion, closely followed by Delta with N373.41 billion. Conversely, Jigawa and Kebbi scrape the bottom with the lowest domestic debts recorded.

On the international front, Lagos yet again leads the charge with the highest external debt, a staggering $1.24 billion, closely trailed by Kaduna with $587.07 million. However, the report notes Borno and Yobe at the opposite spectrum, grappling with relatively minuscule external debts.

As Nigeria navigates through these turbulent financial waters, the implications of this debt surge loom large, demanding urgent attention and decisive action from policymakers to safeguard the nation’s economic future.