Nigeria’s public debt stock officially hit N33.107 trillion ($87.239 billion) as at end of March 2021, the Debt Management Office (DMO) has said.
According to the DMO, the total outstanding public debt includes the outstanding debt accrued by the Federal Government and the 36 states of the federation, including the Federal Capital Territory (FCT).
The outstanding debt also includes promissory notes to the tune of N940.220 billion which was issued to settle arrears inherited from the the Federal Government to state governments, oil marketing companies, exporters and local entrepreneurs.
The report, which was posted on the DMO website, shows that, compared to the total public debt stock of N32.916 billion accrued as by December 31 2020, a marginal increase of 0.58% is recorded in the debt stock.
Also, the increase occurred in the stock of domestic debt, which increased by 2.11%, from N20.2 trillion in December 2020 to N20.637 billion as of March 31. 2021.
According to the DMO, the Federal Government’s share of domestic debt includes FGN bonds, Sukuk and green bonds which were used to finance infrastructure and other investment projects, as well as promissory notes of N940.220 billion.
“The stock of external debt has increased from $33.348 billion as of December 31, 2020, to $32.86 billion due to Nigeria’s buyback of the $500 million euro bond in January 2021,” the DMO said in the report.
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