Nigeria Total Public Debts Hit N33 Trillion

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The Debt Management Office (DMO) has put Nigeria’s total public debt stock at N33 trillion by March 31, 2021, indicating an increase of N32.2 trillion compared to the position at the last quarter of 2020,

The latest report released by the  DMO on Wednesday showed that the total public debt stock, which comprises the debt stock of the federal government of Nigeria, 36 state governments and the Federal Capital Territory (FCT), stood at N33.107 trillion or $87.239 billion.

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

Compared to the total public debt stock of N32.916 trillion as of December 31, 2020, the increase in the debt stock was marginal at 0.58 per cent.

Further analysis of the public debt 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

The federal government’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 $33.348 billion as of December 31, 2020 to $32.86 billion due to the redemption by Nigeria of the $500 million Eurobond in January 2021, the debt office said.

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