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Nigeria Public Debt Rises To ₦33 Trillion As Economy Falters

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Nigeria’s debt profile in March, 2021 ballooned to ₦33.11 trillion amid fragile economy and all time high inflation.

The latest debt condition was contained in a report released by the National Bureau of Statistics (NBS) on Thursday

According to the report titled “Domestic and Foreign Debt (Q1 2021)”, the bureau disclosed that N12.47 trillion, representing 37.67 per cent of the debt was external while 20.64 trillion, representing 62.33 per cent was domestic.

The document said in the period under review, “Nigerian States and Federal Debt Stock data as of 31st March 2021 reflected that the country’s total public debt portfolio stood at N33.11trn.

“Further disaggregation of Nigeria’s total public debt showed that N12.47trillion or 37.67% of the debt was external while 20.64trn or 62.33% of the debt was domestic”.

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The NBS added that Federal Governmet only domestic debt stock was put at N16.51 while States and FCT domestic debt stock was put at N4.12 trillion with Lagos state accounting for 12.31% of the total domestic debt stock while Jigawa State has the least debt stock in this category with a contribution of 0.77% to the total domestic debt stock”.

It explained the Domestic Debt Data Report was generated from the signed-off submissions received from the States and the FCT.

The NBS noted that Domestic Debt Stock for 35 States: Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, Jigawa, Kaduna, Kano, Kebbi, Kogi, Kwara, Lagos, Nasarawa, Niger, Ogun, Ondo, Osun, Oyo, Plateau, Sokoto, Taraba, Yobe, Zamafara and the FCT was as at March 31, 2021.

It added the Domestic Debt Stock Figures for Rivers State were as at December 30, 2018.

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