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Recent report by the National Bureau of Statistics has revealed that Nigeria’s public debt stock which includes external and domestic debt stood at N134.30 trillion (US$91.35 billion) in Q2 2024 from N121.67 trillion (US$91.46 billion) in Q1 2024, indicating a growth rate of 10.38% on a quarter-on-quarter basis.
Total external debt stood at N63.07 trillion (US$42.90 billion) in Q2 2024, while total domestic debt was N71.22 trillion (US$48.45 billion).
The share of external debt (in naira value) to total public debt was 46.96% in Q2 2024, while the share of domestic debt (in naira value) to total public debt was 53.04%.
Lagos state recorded the highest domestic debt in Q2 2024 with N885.99 billion, followed by Rivers with N389.20 billion, while Jigawa state recorded the lowest with N1.82 billion, followed by Ondo with N15.10 billion.
Lagos state recorded the highest external debt over the reference period with $1.20 billion, followed by Kaduna with $640.99 million, while Yobe had the lowest with $20.49 million, followed by FCT with $20.85 million.
