Nigeria’s Debt Hits N44.06tr Under Buhari’s Watch

Under the president Muhammadu Buhari leadership, the National Bureau of Statistics (NBS) has recently announced that in the third quarter of 2022, (Q3 2022) domestic debt totalled N44.06 trillion from N42.84 trillion in the second quarter of 2022.

This was made known in the document titled: “Nigerian domestic and foreign Debt Q3 2022.”

It said: “Nigeria’s public debt stock which includes external and domestic debt stood at N44.06 trillion (US$101.91 billion) in Q3 2022 from N42.84 trillion (US$ 103.31 billion) in Q2 2022.”

The data said this shows that public debt (in national currency) grew by 2.84% in Q3 2022. External debt stood at N17.14 trillion (US$39.66 billion) in Q3 2022, while domestic debt was N26.91 trillion(US$62.25billion). However, the share of external debt to total public debt stood at 38.92% in Q3 2022, while domestic debt was recorded at 61.08%.

NBS added on state profile analysis, 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.

According to the document, on other hand, 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.

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Enoch Oyedibu

Brazen Investigative Journalist with a deep interest for tracking the grassroots impacts of government procurement.