According to the National Bureau of Statistics (NBS), Nigeria’s total external and domestic debt reached N121.67 trillion in the first quarter of 2024.
This information was disclosed in the NBS report titled “Nigerian Domestic & Foreign Debt Q1 2024.” The report indicates a 24.99% increase from N97.34 trillion recorded in Q3 2023.
The NBS reported, “Nigeria’s public debt stock, encompassing both external and domestic debt, stood at N121.67 trillion (US$91.46 billion) in Q1 2024, up from N97.34 trillion (US$108.23 billion) in Q4 2023. This represents a quarter-on-quarter growth rate of 24.99%.”
The report indicated that in Q1 2024, the total external debt was N56.02 trillion (US$42.12 billion), while the total domestic debt amounted to N65.65 trillion (US$49.35 billion).
The NBS report highlighted the composition of Nigeria’s public debt in Q1 2024, noting that external debt accounted for 46.05% of the total public debt when measured in naira value. This equates to N56.02 trillion (US$42.12 billion). Meanwhile, domestic debt represented 53.95% of the total public debt, amounting to N65.65 trillion (US$49.35 billion). This distribution underscores the significant reliance on both domestic and external borrowing to finance the country’s fiscal activities.
Lagos State, said the bureau, recorded the highest domestic debt in Q1 2024 with N929.41 billion, followed by Delta with N334.90 billion.
It added that Jigawa state recorded the lowest domestic debt with N2.07 billion, followed by Ondo with N16.40 billion.
