Lagos records largest external debt in Nigeria – NBS

The National Bureau of Statistics has revealed that Lagos State recorded the highest domestic debt in Q2 2023 with N996.44 billion, followed by Delta with N465.40 billion.

The NBS disclosed this on Thursday in its Domestic and Foreign Debt report for Q2 2023.

NBS 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

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