Nigeria’s public debt stock increased from N97.34 trillion ($108.23 billion) in the fourth quarter of 2023 to N121.67 trillion ($91.46 billion) in the first quarter of 2024.
The National Bureau of Statistics (NBS) said this on Tuesday in its Nigerian Domestic and Foreign Debt Report for Q1 2024 released in Abuja.
The report said Nigeria’s public debt stock, which included external and domestic debts, grew by 24.99 per cent on a quarter-on-quarter basis.
It said that External debt stood at N56.02 trillion ($42.12 billion) in Q1 2024, while domestic debt was N65.65 trillion ($49.35 billion).
“However, the share of external debt to total public debt stood at 46.05 per cent in Q1 2024, while domestic debt was recorded at 53.95 per cent.”
In a breakdown by states, the bureau said that Lagos State recorded the highest domestic debt of N929.41 billion in Q1 2024, followed by Delta with N334.90 billion.
The report showed Jigawa recorded the lowest domestic debt at N2.07 billion, followed by Ondo at N16.40 billion.
High-debt stock is a metric that provides insight into a company’s use of debt. In general, a company with a high D/E ratio is considered a higher risk to lenders and investors because it suggests that the company is financing a significant amount of its potential growth through borrowing.
NAN
