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More Hardship To Nigerians As The Nation’s Public Debt Took A Tumble, Hits N32.22tr in Q3

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The National Bureau of Statistics (NBS) has said as at Third Quarter (Q3) 2020, Nigeria’s total debt stood at N32.22 trillion.

The NBS In a report titled: “Nigerian Domestic and Foreign Debt – Q3 2020,” explained that further disaggregation of Nigeria’s foreign debt showed that $16.74billion of the debt was multilateral; $502.38 million was bilateral (AFD) and another $3.26 billion bilateral from the Exim Bank of China, JICA, India, and KFW while $11.17 billion was commercial which are Eurobonds and Diaspora Bonds.

NBS said “Nigerian States and Federal Debt Stock data as of 30th September 2020 reflected that the country’s total public debt portfolio stood at N32.22 trillion.”

Nigeria’s total public debt showed that N12.19 trillion or 37.82 per cent of the debt was external while N20.04 trillion 62.18 per cent of the debt was domestic.

The document said the domestic debt stock as at September 30, 2020 was totally N13.9trillion.

In its breakdown of the domestic debt stock, NBS said it consists of N812 billion Promissory Notes, representing 5.85 per cent.

Federal Government of Nigeria Bonds of N10.07 trillion, represented 72.47 per cent of the domestic debt stock.

Nigerian Treasury Bills N2.4 trillion represented 19.07 per cent of the domestic debt.

Green Bonds N125 billion represented 0.18 per cent of domestic debt.

Federal Government Sukuk N200 billion represented 1.44 per cent of the domestic debt.

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