Nigeria’s Headline Inflation Hits 13.22% YoY In August; 0.40% - VBank

Nigeria’s public debt stock rose from the N42.84 trillion (103.31 billion dollars) recorded in the second quarter of 2022 to the N44.06 trillion (101.91 billion dollars) in the third quarter of 2022, according to the National Bureau of Statistics (NBS).

In its Nigerian Domestic and Foreign Debt Report for Q3 2022 released on Tuesday in Abuja, Nigeria’s Federal Capital Territory (FCT), the NBS stated that Nigeria’s public debt stock which includes external and domestic debt grew by 2.84 per cent in the third quarter of 2022.

The report said that external debt stood at N17.14 trillion (39.66 billion dollars) in third quarter 2022, while domestic debt was N26.91 trillion (62.25 billion dollars).

“However, the share of external debt to total public debt stood at 38.92 per cent in Q3 2022, while domestic debt was recorded at 61.08 per cent,” the document said.

The Federal Government, according to the report, 80.07 per cent share of the domestic debt in the third quarter of 2022.

The NBS explained that, during the review period, Lagos State recorded the highest domestic debt of N877.03 billion.

Delta State followed a distant second with N272.61 billion, and Ogun State third with N241.78 billion.

In the third quarter of 2022, Jigawa State recorded the lowest debt at N44.40 billion, followed by Kebbi and Katsina states, respectively, at N60.13 billion and N62.37 billion.