Nigeria’s total public debt stock as of September 2020, increased by over N6 trillion in just one year.
Nigeria’s total public debt stock as of September 2020, increased by over N6 trillion in just one year. This is according to the Nigerian Domestic and Foreign Debt report, recently released by the National Bureau of Statistics (NBS).
The total public debt (External and Domestic) incurred by Nigeria stood at N32.22 trillion ($84.57 billion) as of September 2020, which represents an additional N6.01 trillion when compared to N26.21 trillion recorded as of the corresponding period of 2019.
The breakdown shows that external debts accounted for 37.82% (N12.19 trillion) of the total debt stock, while domestic debts at N20.04 trillion represented 62.18% of the total.
Breakdown
Further disaggregation of Nigeria’s foreign debt showed that $16.74bn of the debt was multilateral.
Also, $502.38m was bilateral (AFD) and another $3.26bn bilateral from the Exim Bank of China, JICA, India, and
KFW while $11.17bn was commercial which are Eurobonds and Diaspora Bonds.
Total external debt grew by $5.04 billion (N3.9 trillion) within the period, indicating an increase of 18.72%.
Total domestic debt on the other hand declined by $5.86 billion. However, it represents an increase in Naira value of N2.09 trillion, largely due to multiple devaluations of the currency during the period.
More details coming shortly…