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Of 36 States, Lagos Records Highest Debt In…

Published

2 years ago

November 9, 2022

Godwin Emefiele, the head of Nigeria's central bank, has declared that President Buhari will introduce the new naira notes on November 23, 2022.

According to the National Bureau of Statistics, Lagos State recorded the highest domestic debt of N797.30 billion in the second quarter of 2022.

This was revealed in the Nigerian Domestic and Foreign Debt Report for Q2 2021 to Q2 2022, which the NBS released on Wednesday in Abuja.

It added that Lagos State also recorded the highest external debt stock of 1.27 billion dollars in the second quarter of 2022, followed by Kaduna State at 586.77 million dollars and Edo at 268.31 million dollars.

Delta State followed in the debt at N378.87 billion and Ogun respectively at N241.78 billion.

On the other hand, Jigawa recorded the lowest debt at N45.13 billion, followed by Ebonyi and Kebbi at N59.11 billion and N60.41 billion, respectively.

Meanwhile, a sum of total of the Nation’s public debt stock shows it grew, going from N35.46 trillion ($86.57 billion) in the second quarter of 2021 to N42.84 trillion ($103.31 billion) in the same period of 2022.

NBS stated that as of the second quarter of 2021, there was N13.71 trillion (33.46 billion dollars) in external debt, which rose to N16.61 trillion (40.06 billion dollars) in the same quarter the following year.