Nigeria's Debt Rises to N32.92 Trillion

By Mary Izuaka

Details of the debt figures show that the domestic debt figures of the 36 states of the federation and the FCT were put at N4.19 trillion with Lagos accounting the highest.

Nigerian states and federal debt stock as of December 31, 2020 stood at N32.92 trillion, the National Bureau of Statistics has said.

The bureau, in its Nigerian domestic and foreign debt Q4 2020 report released Monday, said Nigeria's total public debt portfolio showed that N12.71 trillion or 38.60 per cent of the debt was external while N20.21 trillion or 61.40 per cent of the debt was domestic.

The NBS gave further disaggregation of Nigeria's foreign debt to include $17.93 billion of the debt as multilateral; $4.06 billion as bilateral from the AFD, Exim Bank of China, JICA, India, and KFW while $11.17 billion was commercial which are Eurobonds and Diaspora Bonds and $186.70 million as promissory notes.

Details of the debt figures show that the domestic debt figures of the 36 states of the federation and the FCT were put at N4.19 trillion with Lagos accounting the highest.

The report said the total states and FCT domestic debt was put at N4.19 trillion with Lagos State accounting for 12.15 per cent of the debt stock while Jigawa State has the least debt stock in this category with a contribution of 0.74 per cent, it said.

This article originally appeared on Premium Times

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