Nigeria’s public debt stock increased from N87.91 trillion ($114.35 billion) in the third quarter of 2023 to N97.34 trillion ($108.23 billion) in the fourth quarter of 2023.
The National Bureau of Statistics (NBS) said this Tuesday in its Nigerian Domestic and Foreign Debt Report for Q4 2023, released in Abuja.
Also, Vice President Kashim Shettima has assured that the naira will continue to stabilise in the coming weeks and months.
The report said Nigeria’s public debt stock, which included external and domestic debt, grew by 10.73 per cent on a quarter-on-quarter basis.
It said external debt stood at N38.22 trillion ($42.50 billion) in Q4 2023, while domestic debt was N59.12 trillion ($65.73 billion).
“However, the share of external debt to total public debt stood at 39.26 per cent in Q4 2023, while domestic debt was recorded at 60.74 per cent,’’ it said.
In a breakdown on state basis, the bureau said that Lagos state recorded the highest domestic debt of N1.05 trillion in Q4 2023, followed by Delta with N373.41 billion.
The report showed Jigawa recorded the lowest domestic debt at N42.76 billion, followed by Kebbi at N60.69 billion.
In addition, it stated that Lagos recorded the highest external debt with $1.24 billion, followed by Kaduna with $587.07 million.
“Borno recorded the lowest external debt with $20.49 million, followed by Yobe with $21.49 million,” the NBS stated.
Naira to stabilise – VP
In another development, Vice President Shettima has assured that the naira will continue to stabilise in the coming weeks and months.
Shettima gave the assurance at the inauguration of the National Design and Innovation Competition, held at the Presidential Villa, Abuja, on Wednesday.
The event was organised by the Interior Designers Association of Nigeria (IDAN) to spur entrepreneurship and creative ventures among youth.
In February, the naira exchanged for as high as N1900 to a dollar, but the currency gradually appreciated following some monetary policies taken by the government.
The Naira currently exchanged at N1396 to a dollar in the official market and N1470 in the parallel market.
The VP assured that the government would continue to implement policies and programmes to stabilise the Naira.
Shettima also said President Bola Ahmed Tinubu’s administration would continue to address issues of food, nutrition, and insecurity.
He commended the pivotal role of youths in creativity, adding that the government would continue to support their aspirations.
Shettima announced plans to include young innovators in the government’s $617.7 million Investment in Digital and Creative Enterprises (i-DICE) programme.
Earlier, leader of the delegation and founder of IDAN, Titi Ogufere, revealed plans to train one million youths in furniture production and industrial design.
According to him, the training will be conducted by IDAN in collaboration with the Federal Ministry of Arts, Culture, and Creative Economy.
“The initiative will feature design competitions and workshops where participants can showcase their prototypes.
“They will work with top Nigerian manufacturers like AFP by Julius Berger, TRT Aredo, Wood Styles, IO Furniture, and Nettetal,’’ he said.
NAN
