FG, states’ debt surges past ₦32.9trn

The total public debt portfolio of the federal republic of Nigeria as at December 31, 2020, stood at N32.92 trillion, the National Bureau of Statistics has revealed.

It made the revelation in its Nigerian Domestic and Foreign Debt report for Quarter Four, 2020, obtained from its website on Monday in Abuja.

It added that the debt profile was for the States and the Federal Government.

According to the bureau, Nigeria’s total public debt 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.

“Further disaggregation of Nigeria’s foreign debt showed that 17.93 billion dollars of the debt was multilateral, 4.06 billion dollars was bilateral from the African Development Bank, Exim Bank of China, Japan International Cooperation Agency, India and KFW.

“Meanwhile, 11.17 billion dollars was commercial which are Eurobonds and Diaspora Bonds and 186.70 million dollars as Promissory notes.”

The report said that the total States and Federal Capital Territory domestic debt was put at N4.19 trillion with Lagos State accounting for 12.15 per cent of the debt stock.

It added that Jigawa had the least debt stock in this category with a contribution of 0.74 per cent.