Nigeria’s public debt stock increased from N42.84 trillion ($103.31 billion) in Q2 2022 to N44.06 trillion ($101.91 billion) in Q3 2022.

The National Bureau of Statistics (NBS), said this on Tuesday in its Nigerian Internal and External Debt Report for the Third Quarter of 2022 released in Abuja.

The report says Nigeria’s public debt stock, which includes external and internal debt, grew by 2.84 percent in the third quarter of 2022.

It said that the external debt stood at N17.14 trillion ($39.66 billion) in the third quarter of 2022, while the internal debt was N26.91 trillion ($62.25 billion).

“However, the ratio of external debt to total public debt stood at 38.92% in the third quarter of 2022, while internal debt was recorded at 61.08%.”

In addition, the report showed that the participation of the Federal Government in the internal debt was 80.07% in the third quarter of 2022.

In a breakdown by states, the office said that Lagos State recorded the highest domestic debt of N877.03 billion in the third quarter of 2022.

It was followed by Delta with N272.61 billion and Ogun with N241.78 billion.

The report showed that Jigawa posted the lowest debt at N44.40 billion, followed by Kebbi and Katsina at N60.13 billion and N62.37 billion.