By Akinwale Kasali
Lagos State, the commercial hub of the Nation has recorded the largest and highest domestic debt in in Q3 of 2023 with N996.44 Billion by the Nigeria Bureau of Statistics, NBS.
The NBS added that Delta State is second with N465.40 Billion. NBS disclosed this in its Domestic and Foreign Debt report for Q2 2023.
It also confirmed that Nigeria’s public debt grew at a rate of 75.27% on a quarter-on-quarter basis.
The report noted that Nigeria’s public debt stock which includes external and domestic debt stood at N87.38 trillion (US$113.42 billion) in Q2 2023 from N49.85 trillion (US$ 108.30 billion) in Q1 2023, indicating a growth rate of 75.27% on a quarter-on-quarter basis.
“Jigawa state recorded the lowest domestic debt with N43.13 billion, followed by Kebbi with N60.94 billion. Lagos state recorded the highest external debt with US$ 1.26 billion, followed by Kaduna with US$569.38 million. Borno state had the least external debt with US$18.75 million, followed by Taraba with US$21.92 million,” the report read.
Lagos State’s domestic debt was recorded at N996.4 billion, as the total domestic debt for states was N5.8 trillion for the quarter, meanwhile the Federal Capital, FCT recorded domestic debt of N84.773 billion
