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Nigeria’s debt stock as of Q4 2023, its last update period, saw an increase from its previous figure. 

Reports indicate that Nigeria’s debt stock increased by N10 trillion (US$8,4 billion) between the third and fourth quarter of 2023. This debt, however, which grew at a rate of 10,73 percent on a quarter-on-quarter basis, includes both domestic and foreign debts.

A report by Nigeria’s National Bureau of Statistics showed that the country’s debt stock including its domestic and external debts spiked from N87,91 trillion (US$ 114,35 billion) in Q3 2023, to N97,34 trillion (US$108,23 billion) in Q4 2023, when it was last updated.

Nigeria’s debt in Q1 2023, stood at N49,85 trillion (US$41,89 billion), but grew at a rate of 75,27 percent on a quarter-on-quarter basis to N87,38 trillion (US$113,42 billion) in Q2 2023. 

This denotes that from Q1 of 2023 to Q4 of 2023, Nigeria added approximately N47,49 trillion (US$39,90 billion) to its debt stock.

According to the report, the debt data is provided by the Debt Management Office (DMO). The DMO only publishes external debts bi-annually, ie in the second and fourth quarters. Currently, Nigeria’s external debt stock stands at N38,22 trillion (US$42,50 billion), while total domestic debt is N59,12 trillion (US$65,73 billion).

“The share of external debt (in naira value) to total public debt was 39,26 percent in Q4 2023, while the share of domestic debt (in naira value) to total public debt was 60,74 percent,” the report reads.

Of Nigeria’s 36 states, its commercial hub, Lagos recorded the highest external and domestic debt with its domestic debt coming in at N1,05 trillion, and its external debt at US$1,24 billion.

“Lagos state recorded the highest domestic debt in Q4 2023 with N1,05 trillion, followed by Delta with N373,41 billion. Jigawa state recorded the lowest domestic debt with N42,76 billion, followed by Kebbi with N60,69 billion,” the report states.

“Again, Lagos state had the highest external debt in Q4 2023 with US$1,24 billion. — Business Insider Africa.