Nigeria’s Public Debt Rises to N32.29tn

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By James Emejo

The country’s total debt stock, comprising the federal and state governments stood at N32.29 trillion as at December 31, 2020, from N32.22 trillion in September 30, 2020, according to the National Bureau of Statistics (NBS).

External debt totaled N12.71 trillion, representing 38.60 per cent while the domestic component stood at N20.21 trillion or 61.40 per cent of the debt portfolio.

According to the Nigerian Domestic and Foreign Debt (Q4 2020) report, which was posted on NBS website Monday, total domestic debt by states and the Federal Capital Territory (FCT) stood at N4.19 trillion, with Lagos accounting for 12.15 per cent of the debt stock while Jigawa has the least debt in the category with a contribution of 0.74 per cent.

Further disaggregation showed that $17.93 billion of the debt was sourced from multilateral institutions while bilateral from the AFD, Exim Bank of China, JICA, India, and KFW amounted to $4.06 billion.

Commercial debt was valued at $11.17 billion, comprising eurobonds and diaspora Bonds while $186.70 consisted of promissory notes.

Details later…