Nigeria’s public debt stock hits 42.84 trillion naira says NBS
Written by Olarotimi Oshin on November 9, 2022
Nigeria’s public debt stock increased from 35.46 trillion naira in the second quarter of 2021 to 42.84 trillion naira in the corresponding period in 2022.
The National Bureau of Statistics (NBS) made the declaration in its Nigerian Domestic and Foreign Debt Report for Quarter two (2) of 2021 to Quarter two (Q2) of 2022 released in Abuja today.
According to NBS, domestic debt was 21.75 trillion naira in the second quarter of 2021, but increased to 26.23 trillion naira in the second quarter of 2022.
Meanwhile, public debt stock includes external and domestic debts. But in a breakdown by states, the bureau stated that Lagos State recorded the highest domestic debt of 797.30 billion naira in the second quarter of 2022 with Jigawa state recording the lowest debt at 45.13 billion naira.
The House of Representatives Committee on Population has queried the National Population Commission (NPC) over 1.9 billion naira spent on the presidential summits in villa and conferences organised across the country.
The committee at the budget defence in Abuja, today, challenged the NPC directors to make an oral presentation of the funds expended for summit and conferences.
Ondo-APC) Representative- Gboluga Ikengboju then moved the motion for the NCP to go back and take to critically assess the discrepancies in the document presented to the committee.
Facebook parent company Meta has announced that it is relieving the jobs of 11,000.
According to Meta boss- Mark Zuckerberg, the job cuts amount to about 13 per cent of its workforce.
He pointed out that he had overestimated the online boom at the beginning of Covid-19 and therefore had increased investments.
Meanwhile, it is the biggest round of job cuts in the history of the firm, which also owns photo messaging app Instagram.
Reports from Meta say the company has seen its core business with advertising in online services such as Facebook and Instagram generate less revenue recently than it used to.
At the same time, the development of virtual worlds promoted by Mr Zuckerberg under the term “Metaverse” is eating up more and more money.