Nigeria’s public debt stock has surged to N87.38 trillion (US$113.42 billion) in Q2 2023 from N49.85 trillion (US$ 108.30 billion) in Q1 2023, representing a 75.27% growth on a quarter-on-quarter basis.
The National Bureau of Statistics (NBS), the national statistics coordinating agency in Nigeria, reported on Thursday, in its ‘Nigerian Domestic & Foreign Debt Q2 2023’ report published, September 14, indicated that the country’s total external debt stood at N33.25 trillion (US$43.16 billion) in Q2 2023, while total domestic debt was N54.13 trillion (US$70.26 billion).
According to the Bureau, the share of external debt (in naira value) to total public debt was 38.05% in the quarter under review, while the share of domestic debt (in naira value) to total public debt totaled 61.95%.
A further analysis of the debt stock report on state debt profiles’ basis indicated that Lagos State recorded the highest domestic debt in Q2 2023 with N996.44 billion, followed by Delta with N465.40 billion while Jigawa state recorded the lowest domestic debt with N43.13 billion, followed by Kebbi with N60.94 billion.
The statistics agency further clarified that in addition, Lagos State recorded the highest external debt with US$ 1.26 billion, followed by Kaduna with US$569.38 million while Borno State had the least external debt with US$18.75 million, followed by Taraba with US$21.92 million.
The NBS stated that data on Nigeria’s public debt stock were provided by the Debt Management Office (DMO), verified and validated it.
This is even as it added that Nigeria’s external debts are only published by the DMO bi-annually, that is, in the second and fourth quarters of each year.
Public finance experts have primarily linked the nation’s rising debt stock to inability of the federal, state and local governments to generate adequate revenue, particularly from the non-oil sector amid dwindling earnings from crude oil exports due to low production.
For instance, over the past year, Nigeria has not been able to meet her Organization of Petroleum Exporting Countries’ (OPEC’s) crude oil quota as the twin-problem of pipeline vandalism and oil thefts continued to undermine the country’s oil production efforts.
Latest reports from the Nigerian National Petroleum Company Limited (NNPCL) through its official X, formerly Twitter handle last Tuesday indicated that 148 crude oil theft incidents were recorded between September 2 and 8, 2023.
According to the company, during the 7-day period, the theft incidents identified include the discovery of 78 illegal refineries, 14 AIS infractions involving vessels, eight instances of illegal connections, 34 arrests related to wooden boats, eight vehicle-related arrests, the detection of 4 oil spills, one vessel arrest, and one incident of pipeline vandalism.
It added that security agents apprehended the MV Ofuoma at Abuloma Jetty in Rivers State, where a vessel was found to be transporting 57,000 litres of illegally refined diesel.
It further clarified that the incidents occurred in the Deep Blue Sea, 48 in the Western region, 31 in the Central part, and 55 in the Eastern region within the oil-producing areas of the Niger Delta, including Delta, Rivers and Imo states.
