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Nigeria’s total public debt stock rises 15.6% in one year

Friday, 25 June 2021, 9:28 am
in News, Nigeria
0
Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion
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Nigeria’s total public debt stock which comprises of all states and federal debt stock stood at rose N33.11 trillion ($87.24 billion) as at March 31 2021.

This is a 15.6% increase from the N28.63 trillion ($79.30 billion) as at 31 March 2020.

A breakdown of Nigeria’s total public debt showed that N12.47trn or 37.67% of the debt was external while 20.64trn or 62.33% of the debt was domestic.

The external debt increased by 24.9% year on year while the domestic debt rose by 10.7% year-on-year.

Read also: Details of States and FCT domestic debt as at March 31, 2021

The World Bank Group holds the highest percentage of Nigeria’s external debt amounting to $11.51 billion. This represents 35.02% of the total external debt.

Nigeria Eurobonds amount to $10.37 billion, representing 31.55% of the total external debt – the second largest after the World Bank Group.

Nigeria owes the International monetary fund and the African Development Bank Group $3.48 billion and $2.84 billion respectively.

Nigeria is most indebted to China in terms of country. China holds 81.36% ($3.4 billion) of Nigeria’s bilateral debt according to the DMO. This represents 10.35% of the total external debt.

Other countries are France ($486.68 million), Germany ($183.74 million), Japan ($74.6 million), and India ($34.59 million).

FGN Only domestic debt stock was put at N16.51 trillion while States and FCT domestic debt stock was put at N4.12 trillion.

  • Read more: Details of FG Domestic Debt Stock
  • Details of Nigeria External Debt, most indebted to the World Bank Group

Lagos state accounts for 12.31% or N507.38 billion of the total domestic debt stock while Jigawa State has the least debt stock in this category with a contribution of 0.77% or N31.57 billion to the total domestic debt stock.

Ifunanya Ikueze
Ifunanya Ikueze

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

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