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Nigeria’s Debt Climbs by 75% in Q2’23

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debt servicing

CEM REPORT, FINANCE | Nigeria’s public debt profile has risen by 75.27 per cent on a quarter-on-quarter basis to reach ₦87.38 trillion (US$113.42 billion) at the close of second quarter of 2023 (Q2’23).

According to the National Bureau of Statistics (NBS) report on Nigeria’s domestic and foreign debt in Q2 2023, external debt stood at ₦33.25 trillion (US$43.16 billion) in Q2’23, while total domestic debt was ₦54.13 trillion (US$70.26 billion).

Analysis of the report reveals that domestic debt (in naira value) share of the total public debt stood the highest at 61.95 per cent. While external debt (in naira value) stood at 38.05 per cent


According to a state profile analysis, Lagos State had the highest domestic debt in Q2 2023, totalling ₦996.44 billion, followed by Delta, which had ₦465.40 billion.

“Jigawa State recorded the lowest domestic debt with ₦43.13 billion, followed by Kebbi with ₦60.94 billion,” according to the the .

Furthermore, it stated that Lagos State has the highest external debt at US$ 1.26 billion, followed by Kaduna with US$569.38 million.

According to the report, Borno state has the lowest external debt of US$18.75 million, followed by Taraba with US$21.92 million.

Recall that in Q1’23 NBS reported that the nation’s public debt stood at ₦49.85 trillion (US$ 108.30 billion).

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