Nigeria’s total public debt hits N33.107tn

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The Debt Management Office (DMO) says Nigeria’s Public Debt Stock is N33.107 trillion (about 87.239 billion dollars).

A statement obtained from DMO’s website says that the total public Debt Stock comprised of the debt stock of the Federal Government of Nigeria (FGN), 36 State Governments and the Federal Capital Territory (FCT), respectively.

The debt stock also includes Promissory Notes in the sum of N940.220 billion issued to settle the inherited arrears of the FGN to state governments, oil marketing companies, exporters and local contractors.

The report said that compared to the Total Public Debt Stock of N32.916 trillion as of December 31, 2020, a marginal increase of 0.58 per cent was recorded in the Debt Stock.

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Further analysis shows that the increase was in the Domestic Debt Stock which grew by 2.11 per cent from N20.21 trillion in December 2020 to N20.637 trillion as of  March 31, 2021.

According to the DMO, the FGN’s share of the domestic debt includes FGN bonds, Sukuk and Green Bonds used to finance infrastructure and other capital projects as well as the N940.220 billion Promissory Notes.

“External Debt Stock declined from USD33.348 billion as of December 31, 2020, to USD32.86 billion due to the redemption by Nigeria of the 500 million dollars Eurobond in January 2021.”

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