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Nigerian debt hits over N33trn

By News Desk

The Debt Management Office (DMO) has disclosed that Nigeria’s Public Debt Stock stood at N33.107 trillion (about 87.239 billion dollars), as at March 31, 2021.

The regulatory body explained that the public debt which accumulated to the current figure include the debt stock of Federal Government of Nigeria (FGN), 36 State Governments and the Federal Capital Territory (FCT), respectively.

As said, the debt stock also includes Promissory Notes in the sum of N940.220 billion issued to settle the inherited arrears of apex government to state governments, oil marketing companies, exporters and local contractors.

The DMO through a statement obtained from its official website, said that marginal increase of 0.58 per cent was recorded in the debt stock compared to the Total Public Debt Stock of N32.916 trillion as at December 31, 2020,

Accroding to its analysis, the increase was in the Domestic Debt Stock which grew by 2.11 per cent from N20.21 trillion in December 2020 to N20.637 trillion as at March 31, 2021.

DMO added that the FGN’s share of the domestic debt includes FGN bonds, Sukuk and Green Bonds used to finance infrastructure and other capital projects as well as the N940.220 billion Promissory Notes.

“External Debt Stock declined from USD33.348 billion as at December 31, 2020, to USD32.86 billion due to the redemption by Nigeria of the 500 million dollars Eurobond in January 2021.”

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