Lagos, Delta leads as public debt hit N44.06trn in Q3 2022

By Oladapo Ajiboye

Lagos recorded the highest domestic debt in Q3 2022 with N877.03 billion.

Lagos State Government tops the highest and ranks first in the report released by the Debts Management Office (DMO) for the third quarter of 2022.

As the report revealed and put the state ranked highest amidst massive infrastructural development.

As the statistics revealed, Nigeria’s public debt stock stood at N44.06 trillion ($101.91 billion) in the third quarter of 2022, the National Bureau of Statistics has said.

The bureau, in its Nigerian domestic and foreign debt Q3 2022 report released Monday, said that Nigeria’s public debt stock which includes external and domestic debt rose from N42.84 trillion or $103.31 billion in the second quarter of 2022 to N44.06 trillion or $101.91 billion in the third quarter of the same year.

The NBS said the figure shows that the public debt in national currency grew by 2.84 per cent within the period.

The data showed the debt figure comprised the debt stock of the federal government, the 36 state governments and the Federal Capital Territory.

Nigeria’s federal, state, local govts shared N2.054tn in Q3 2020.

The report said external debt stood at N17.14 trillion or $39.66 billion while domestic debt was N26.91 trillion in the quarter under review.

However, the statistical office said the share of external debt to total public debt stood at 38.91 per cent in Q3 2022, while domestic debt was recorded at 61.08 per cent.

State performance

On state profile analysis, it said Lagos recorded the highest domestic debt in Q3 2022 with N877.03 billion, followed by Delta with N272.61 billion and Ogun with N241.78 billion.

“The lowest debt was recorded in Jigawa with N44.40 billion, followed by Kebbi and Katsina with N60.13 billion and N62.37 billion respectively,” the statement read.