The National Bureau of Statistics (NBS) revealed that Nigeria’s domestic debt stood at N20.21 trillion, representing 61.40 percent, higher than its external debt of N12.71 trillion, representing 38.60 percent.
This was disclosed in the NBS’ Nigerian Domestic and Foreign Debt report for the period of 2020 Q4.
The report stated that Nigeria’s total public debt stood at N32.92 trillion and that the debt is a combination of both states and federal.
It broke down the country’s debt, and the various bodies it owed, stating that “Further disaggregation of Nigeria’s foreign debt showed that 17.93 billion dollars of the debt was multilateral, 4.06 billion dollars was bilateral from the African Development Bank, Exim Bank of China, Japan International Cooperation Agency, India and KFW.
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“Meanwhile, 11.17 billion dollars was commercial which are Eurobonds and Diaspora Bonds and 186.70 million dollars as Promissory notes.”
It also noted that Lagos State accounted for a total of 12.15 percent of the total debt, while Jigawa State accounted for the least amount at 0.74 percent.
