As at the end of the second quarter of 2019, Nigeria’s public debt portfolio stood at N25.70trn ($83.88bn). This was contained in a recently released data by the Debt Management Office. The external component of the debt stood at N8.322trn ($27.16bn), while domestic debt stood at N17.38trn ($56.72bn).
The external debt which was reported to have risen to the tune of N8.32trn accounted for 32.38% of Nigeria’s total debt stock. This represents an increase of 5.85% compared to the country’s external debt of N7.86 trillion ($25.61bn) as at the end of Q1 2019.
Also, the domestic debt stock at N17.38trn ($56.72bn) accounted for 67.62% of the total nation’s debt. This represents a 1.76% increase when compared to the N17.08trn ($55.66bn) of the previous quarter.
Putting the figures in perspective; the country borrowed a total of $304 every second in the last 12 months (i.e Q2 2018 to Q2 2019), and with a population of 202 million, each citizen currently owes N149,493.
It is worth noting that the bulk of the domestic debts originated from the Federal Government, with the FG accounting for 77.18% of the total domestic debts.
Here are the Nigerian States with highest foreign debt
Lagos $1.42 billion
Edo – $277.74 million
Kaduna $223.76 million
Cross River $192.73 million
Oyo – $136. 53 million.
The Nigerian States with highest domestic debt
Lagos N479.04 billion
Rivers N266.94 billion
Delta N233.56 billion
Akwa Ibom N206.41 billion
Cross River N168.82 billion