The National Bureau of Statistics (NBS) has released its latest report, revealing significant shifts in Nigeria’s public debt landscape. According to the NBS’s Domestic and Foreign Debt Report for Q2 2023, Lagos State has claimed the top spot in terms of domestic debt, with a staggering N996.44 billion. Following closely is Delta State, with domestic debt totaling N465.40 billion.
This report, published on a Thursday, unveils crucial insights into the country’s evolving financial landscape. Notably, Nigeria’s public debt has surged, growing at an astounding rate of 75.27% on a quarter-on-quarter basis. In Q2 2023, the nation’s public debt, which encompasses both external and domestic debt, reached a staggering N87.38 trillion (equivalent to US$113.42 billion). This remarkable increase is in stark contrast to the figures from Q1 2023 when the total public debt stood at N49.85 trillion (US$108.30 billion).
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Taking a closer look at the state-by-state breakdown, Jigawa State recorded the lowest domestic debt, amounting to N43.13 billion. Kebbi State followed with N60.94 billion. Lagos State, known as Nigeria’s economic powerhouse, claimed the highest external debt, standing at a significant US$1.26 billion. Kaduna State came second with US$569.38 million. On the other end of the spectrum, Borno State had the least external debt, amounting to US$18.75 million, and Taraba State followed closely with US$21.92 million in external debt.
Lagos State’s substantial domestic debt of N996.4 billion played a significant role in elevating it to the top of the list. In the broader context, the total domestic debt for all states in Nigeria amounted to N5.8 trillion for the quarter. Additionally, the Federal Capital Territory (FCT) recorded a domestic debt of N84.773 billion.
This report underscores the evolving financial landscape in Nigeria, with states grappling with varying levels of debt. The surge in public debt, especially at the state level, necessitates prudent financial management and strategic planning to ensure sustainable economic growth and development across the nation.
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