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Home Economy Economic Data

Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

Tuesday, 6 April 2021, 1:36 pm
in Economic Data, Economy
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Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion
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Nigerian States and Federal Debt Stock data as of 31st December 2020 showed that the country’s total public debt portfolio stood at N32.92trn according to the Nigerian Domestic and Foreign Debt Q4 2020 Report released by the National Bureau of Statistics (NBS).

This is a 20.12% increase from the N27.40 trillion total public debt as at 31 December 2019.

Nigeria’s total public debt showed that N12.71trn or 38.60% of the debt was external while N20.21trn or 61.40% of the debt was domestic. In 2019 eternal debt was N9.02 trn or 32.93% of the total public debt while domestic debt was N18.38 trn or 67.07% of the total public debt.

The Federal Government accounts for 85.69% (N10.89 trn) of the external debt while states and FCT account for the remaining 14.31% (N1.82 trn).

Read: NSE: List of Dividends announced in 2021, qualification and payment dates

According to NBS, the Central of Nigeria (CBN) “Official Exchange Rate of US$1 to NGN381 as at December 31, 2020 was used for conversion.”  While in 2019 CBN Official Exchange Rate of US$1 to NGN326 as at December 31, 2019 was used in the conversion.

The Federal Government holds 79.29% (16.02 trn) of the Domestic debt while states and FCT account for the remaining 20.71% (4.19 trn.

Further disaggregation of Nigeria’s foreign debt showed that $17.93bn of the debt was multilateral; $4.06bm was bilateral from the AFD, Exim Bank of China, JICA, India, and KFW while $11.17bn was commercial which are Eurobonds and Diaspora Bonds and $186.70 as Promissory notes.

The total States and FCT domestic debt was put at N4.19trn with Lagos state accounting for 12.15% of the debt stock while Jigawa State has the least debt stock in this category with a contribution of 0.74%.

NBS stated that the  Domestic Debt Stock for Thirty-four (34) States, (Abia, Adamawa, Akwa-Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross-River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, Jigawa, Kaduna, Kebbi, Kogi, Kwara, Lagos, Nasarawa, Niger, Ogun, Ondo, Osun Plateau, Sokoto, Taraba, Yobe, Zamfara and the FCT) were as at December 31, 2020.

However, the Domestic Debt Stock figures for Katsina State was as at September 30, 2020, while Domestic Debt Stock for Rivers State was as at December 31, 2018.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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