In Q3 2022, Nigeria’s public debt reached N44.06 trillion.

According to the National Bureau of Statistics, Nigeria’s public debt stock was N44.06 trillion ($101.91 billion) as of the third quarter of 2022.

Nigeria’s public debt stock, which includes both domestic and foreign debt, increased from N42.84 trillion ($103.31 billion) in the second quarter of 2022 to N44.06 trillion ($101.91 billion) in the third quarter of the same year, according to a report from the bureau released on Monday.

The public debt in national currency increased by 2.84 percent during that time, according to the NBS’s analysis of the data.

The information showed that the federal government, the 36 state governments, and the Federal Capital Territory were all included in the debt total.

According to the report, domestic debt in the quarter under review was N26.91 trillion, or $39.66 billion, while external debt was N17.14 trillion, or $39.66 billion.

The statistical office said that in Q3 2022, domestic debt was recorded at 61.08 percent, while the percentage of external debt to total governmental debt was at 38.91 percent.

State performance

According to a state profile analysis, Lagos had the greatest domestic debt in Q3 2022 with N877.03 billion, followed by Delta and Ogun with N272.61 and N241.78 billion, respectively.

Jigawa had the lowest debt, at N44.40 billion, followed by Kebbi and Katsina, each with N60.13 billion and N62.37 billion.