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Nigeria’s public debt stock hits N87.91trn in Q3 -NBS

From Isaac Anumihe, Abuja

National Bureau of Statistics (NBS) has announced that Nigeria’s public debt stock (which includes external and domestic debts) rose to N87.91 trillion (US$114.35 billion) in Q3 2023 from N87.38 trillion (US$ 113.42 billion) in Q2 2023.

This, according to the bureau, indicates a growth rate of 0.61 per cent on a quarter-on-quarter basis.

Similarly, NBS explained that while the total external debt stood at N31.98 trillion (US$41.59 billion) in Q3 2023, the total domestic debt was N55.93 trillion (US$72.76 billion).

The report obtained from NBS website also stated that the share of external debt (in naira value) to total public debt was 36.38 per in Q3 2023, while the share of domestic debt (in naira value) raised total public debt by 63.62 per cent.

Lagos State, it stated, recorded the highest domestic debt in Q3 2023 with N960.50 billion, followed by Delta State with N371.49 billion.

Jigawa State recorded the lowest domestic debt with N42.89 billion, followed by Kebbi State with N60.88 billion.

Meanwhile, the bureau noted that between July and September 2023,  the all-commodity group import index for Q3, 2023 on average increased by 0.21 per cent points.

“ The increase can be attributed to the changes in import prices mainly in the price of textiles and textile articles; mineral products, wood and articles of wood;  wood charcoal and articles and paper-making material; paper and paperboard, articles.

Also, the all-commodity group export price index increased on the average by 0.18 per cent points in Q3, 2023. The increase was majorly attributed to changes in the prices of boilers, machinery and appliances; parts thereof. 

“Vehicles, aircraft and parts thereof; vessels among other,  mineral products and plastic, rubber and articles thereof.

“The all-products Terms of Trade (TOT) index on average decreased by 0.03 per cent points.

The all-region group export index increased by 0.18 per cent points mainly due to positive changes in the prices of exports to all economic regions.

“The all-region group import index increased by 0.21 per cent points due to increases in import prices.

The all-region Terms of Trade on average decreased by 0.03 per cent points.

The major export destinations of Nigeria in Q3, 2023 were Spain, India, The Netherlands, Indonesia, and France” the report, noted.

ENDS

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