By Milcah Tanimu

Nigeria’s public debt surged from N87.91 trillion (approximately $114.35 billion) in the third quarter of 2023 to N97.34 trillion (about $108.23 billion) in the fourth quarter of the same year.

The National Bureau of Statistics (NBS) disclosed this on Tuesday in its Nigerian Domestic and Foreign Debt Report for Q4 2023, which was released in Abuja.

According to the report, Nigeria’s public debt, comprising both external and domestic debt, expanded by 10.73 percent quarter-on-quarter.

External debt was recorded at N38.22 trillion (approximately $42.50 billion) in Q4 2023, while domestic debt amounted to N59.12 trillion (around $65.73 billion).

The NBS report highlighted that external debt constituted 39.26 percent of the total public debt in Q4 2023, while domestic debt accounted for 60.74 percent.

Breaking down the domestic debt by state, Lagos State topped the list with N1.05 trillion, followed by Delta with N373.41 billion.

On the flip side, Jigawa had the lowest domestic debt at N42.76 billion, trailed by Kebbi at N60.69 billion.

In terms of external debt, Lagos State led with $1.24 billion, trailed by Kaduna State with $587.07 million.

Conversely, Borno had the least external debt at $20.49 million, followed by Yobe with $21.49 million.

The NBS underscored that the figures signify a significant fiscal challenge for Nigeria’s economic management.