Nigeria’s debt stock hits N32tr – NBS

Nigeria’s states and federal government debt stock as of December 31, 2020 stands at N32.92trillion, the National Bureau of Statistics (NBS) has said.

NBS made this known in a statement published in its website in Abuja.

While the total states and Federal Capital Territory (FCT) domestic debt was put at N4.19 trillion with Lagos 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.

NBS noted that 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.

Disaggregating the debts, the Bureau explained that Nigeria’s foreign debt showed that $17.93 billion of the debt was multilateral; $4.06 billion was bilateral from the AFD, Exim Bank of China, JICA, India, and KFW, while $11.17 billion was commercial loan which are eurobonds and Diaspora bonds with $186.70 billion as promissory notes.

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