Nigeria’s public debt stock estimated at N28.63trn

*Total public debt rose by 4.48 percent, compared to N27.40trillion in Q4 2019 ─NBS

*Lagos leads borrower states with N444bn debt obligation

*Yobe State has least debt domestic stock of N29.29billion or 0.7 percent of total debt

Web Editor | ConsumerConnect

The total public debt portfolio of all the Nigerian 36 states and the Federal Government inclusive stood at N28.63 trillion as of March 31, 2020.

According to the National Bureau of Statistics (NBS) in the Nigerian Domestic and Foreign Debt Q1 2020 Report released Friday, July 10, the country’s total public debt rose by 4.48 percent compared to the N27.40 trillion recorded in Q4 2019.

External debt accounted for N9.99 trillion or 34.89 percent of the total debt. The domestic component stood at N18.64 trillion or 65.11 percent of total borrowing, reports ThisDay.

Of the domestic debt of N18.64 trillion, federal government’s share alone is N14.53 trillion compared to Q4 2019 when total domestic debt was N18.37 trillion with the federal government accounting for N14.27 trillion.

Federal Government’s domestic debt service for Q1 also increased to N609.13 billion compared to N254.04 billion in Q4 of 2019, stated the report.

Total domestic debts by states and Abuja, Federal Capital Territory (FCT), were valued at N4.11 trillion with Lagos State accounting for N444.23 billion or 10.8 percent.

Yobe was adjudged to have the least debt domestic stock, accounting for N29.29 billion or 0.7 percent of total debt.

Foreign debt was estimated at $27.66 billion in Dollar terms.

Debts from multilateral institutions totalled $12.65 billion or 45.75 percent of total foreign debt, whereas bilateral debt amounted to $3.84 billion or 13.89 percent of total external borrowing as well as commercial debts which stood at $11.16 billion or 40.37 per cent of total foreign debts.

The federal government’s domestic debt stock by instrument stood at N14.53 trillion with FGN bonds accounting for N10.55 trillion or 72.65 percent of domestic borrowing, noted the report.

Others are Abia State accounted for N69.63 billion of the domestic debt stock of states, Adawawa N101.58 billion, Akwa Ibom N240.03 billion, Anambra N33.91 billion, Bauchi N100.40 billion, Bayelsa N154.95 billion, Benue N116.19 billion, Borno N83.38 billion and Cross River N165.91 billion within the review period.

Also, Delta N230.75 billion, Ebonyi N42.41 billion, Edo N84.76 billion, Ekiti N77.89 billion, Enugu N62.98 billion, Gombe N82.50 billion, Imo N163.99 billion, Jigawa N36.02 billion, Kaduna N78.69 billion, Kano N107.75 billion, Katsina N66.16 billion, Kebbi N69.26 billion and Kogi N128.91 billion.

Others are Kwara N62.89 billion, Nasarawa N60.99 billion, Niger N59.83 billion, Ogun N143.53, Ondo N65.29 billion, Osun N137.30 billion, Oyo N100.59 billion, Plateau N130.72 billion, Rivers N266.93 billion, Sokoto N47.74 billion, Taraba N81.26 billion, and Zamfara N70.84 billion as well as the FCT with N106.80 billion.

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