Nigeria’s public debt reaches N33.107trn – DMO

The Debt Management Office (DMO) reports that Nigeria‘s stock of public debt is N33.107 trillion (approximately $87.239 billion), as of March 31, 2021.

A statement obtained from DMO’s website indicates that the total outstanding public debt includes the outstanding debt of the Federal Government of Nigeria (FGN), 36 state governments and the Federal Capital Territory (FCT). ), respectively.

The outstanding debt also includes promissory notes in the amount of N940.220 billion issued to settle arrears inherited from the FGN to state governments, oil marketing companies, exporters and local entrepreneurs.

The report indicates that compared to the total public debt stock of N32.916 billion as of December 31, 2020, a marginal increase of 0.58% has been recorded in the stock of debt.

Further analysis shows that 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, FGN’s share of domestic debt includes FGN bonds, Sukuk and green bonds 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.” (NAN)