Nigeria’s debt hits N32.9tr

The National Bureau of Statistics (NBS) said on Monday Nigeria’s total public debt portfolio stood at N32.92 trillion as of December 31, last year.

NBS disclosed this in its Nigerian Domestic and Foreign Debt report for Quarter Four, 2020, published on its website.

The agency added that the debt profile was for the states and Federal Government.

The NBS said N12.71 trillion or 38.60 percent of the debt was external while N20.21 trillion or 61.40 percent was domestic debt.

It said: “Further disaggregation of Nigeria’s foreign debt showed that $17.93 billion of the debt was multilateral, $4.06 billion was bilateral from the African Development Bank (AfDB), Exim Bank of China, Japan International Cooperation Agency, India and KFW.

“Meanwhile, $11.17 billion was commercial which are Eurobonds and Diaspora Bonds and $186.70 million as Promissory notes.

The bureau said the total domestic debt for states and the Federal Capital Territory was N4.19 trillion with Lagos State accounting for 12.15 percent of the debt stock.

It added that Jigawa had the least debt stock among the states in the country with 0.74 percent.