Lagos leads as Nigeria’s public debt portfolio hits N28.63 trillion

The public debt portfolio of the federal and state government has risen to N28.63 trillion as at March 31 with Lagos state accounting for 10.8 percent of the total domestic debt stock.

In its Nigerian domestic and foreign debt report, the Nigerian Bureau of Statistics (NBS) stated that disaggregation of Nigeria’s total public debt showed that N9.99 trillion which represented 34.89 percent was external.

It added that the domestic debt was N18.64 trillion which represented 65.11 percent of the total debt.

According to the NBS, Lagos accounted for 10.8 percent of the total domestic debt stock in the country. “States and Federal Capital Territory domestic debt was put at N4.11 trillion with Lagos State accounting for 10.8 percent of the total domestic debt stock.

“Yobe State has the least debt stock in this category with a contribution of 0.7 percent.”