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