Nigeria’s Public Debt Hits N32.22trn, NBS Confirms

The National Bureau of Statistics (NBS) has said that as at Third Quarter (Q3) 2020, Nigeria’s total debt stood at N32.22trillion.
In a report titled: “Nigerian Domestic and Foreign Debt – Q3 2020,” the NBS explained that further disaggregation of Nigeria’s foreign debt showed that $16.74billion of the debt was multilateral; $502.38million was bilateral (AFD) and another $3.26billion bilateral from the Exim Bank of China, JICA, India, and KFW while $11.17billion was commercial, which are Eurobonds and Diaspora Bonds.
The NBS said, “Nigerian States and Federal Debt Stock data as of September 30, 2020, reflected that the country’s total public debt portfolio stood at N32.22trillion.”
Nigeria’s total public debt showed that N12.19trillion or 37.82 per cent of the debt was external while N20.04trillion 62.18 per cent of the debt was domestic.
The document said the domestic debt stock as at September 30, 2020 was totally N13.9trillion.
In its breakdown of the domestic debt stock, NBS said it consists of N812billion Promissory Notes, representing 5.85 per cent.
According to the figures, the Federal Government of Nigeria Bonds of N10.07trillion represented 72.47 per cent of the domestic debt stock.
The Nigerian Treasury Bills N2.4trillion represented 19.07 per cent of the domestic debt.
The Green Bonds N125billion represented 0.18 per cent of domestic debt.
The Federal Government Sukuk N200billion represented 1.44 per cent of the domestic debt.