Nigeria’s external and domestic debt reached N121.67 trillion in the first quarter (Q1 2024) of 2024 as revealed in a new report released by the National Bureau of Statistics (NBS).

In the document titled “Nigerian Domestic & Foreign Debt Q1 2024”, it was stated that the country’s debt rose by 24.99% from N97.34 trillion in Q3 2023.

It read;

“Nigeria’s public debt stock which includes external and domestic debt stood at N121.67 trillion (US$91.46 billion) in Q1 2024 from N97.34 trillion (US$ 108.23 billion) in Q4 2023, indicating a growth rate of 24.99% on a quarter-on-quarter basis.”

The total external debt stood at N56.02 trillion (US$42.12 billion) in Q1 2024, while the total domestic debt was N65.65 trillion (US$49.35 billion). The share of external debt (in naira value) to total public debt was 46.05% in Q1 2024, while the share of domestic debt (in naira value) to total public debt was 53.95%.

According to NBS, Lagos State recorded the highest domestic debt in Q1 2024 with N929.41 billion, followed by Delta with N334.90 billion.

Jigawa state recorded the lowest domestic debt with N2.07 billion, followed by Ondo with N16.40 billion.