"Nigeria's public debt portfolio grows to N87.38 trillion in the second quarter of 2023, according t
"In the second quarter of 2023, Nigeria's public debt stock surged from N49.85 trillion (equivalent to 108.30 billion dollars) in the preceding quarter to N87.38 trillion (approximately 113.42 billion dollars), as revealed by the Nigerian National Bureau of Statistics (NBS) in its Nigerian Domestic and Foreign Debt Report for Q2 2023, published in Abuja."
According to the report, Nigeria's total public debt, comprising both external and domestic debt, surged by 75.27 percent in the second quarter of 2023.
In the second quarter of 2023, Nigeria's external debt amounted to N33.25 trillion (43.16 billion dollars), while domestic debt reached N54.13 trillion (70.26 billion dollars).
However, the proportion of external debt to the total public debt was 38.05 percent in Q2 2023, with domestic debt accounting for the remaining 61.95 percent.
Breaking down the domestic debt by states, Lagos State had the highest amount at N996.44 billion in Q2 2023, followed by Delta with N465.40 billion.
Conversely, Jigawa had the lowest domestic debt at N43.13 billion, followed by Kebbi with N60.94 billion.
Regarding external debt, Lagos State held the highest external debt, amounting to 1.26 billion dollars, followed by Kaduna State with 569.38 million dollars.
On the other hand, Borno had the lowest external debt with 18.75 million dollars, followed by Taraba with 21.92 million dollars, as reported by the NBS.
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