The Nigerian government has accumulated a total debt of N33.11 trillion, according to the latest data obtained from the Debt Management Office (DMO) on Wednesday.
The government incurred additional N191 billion debt in the first quarter of this year, representing 0,58 per cent increase in debt from N32.916 trillion as of December 2020.
The DMO, however, said the country’s external debt reduced due to the redemption by Nigeria of the $500m Eurobond in January.
The debt office said, “Total public debt stock, which comprises the debt stock of the Federal Government of Nigeria, 36 state governments and the Federal Capital Territory, stood at N33.107tn or $87.239bn.
“The debt stock also includes promissory notes in the sum of N940.22bn issued to settle the inherited arrears of the FGN to state governments, oil marketing companies, exporters and local contractors.
“Compared to the total public debt stock of N32.92tn as at December 31, 2020, the increase in the debt stock was marginal at 0.58 per cent.
“External debt stock declined from $33.348bn as at December 31, 2020 to $32.86bn due to the redemption by Nigeria of the $500m Eurobond in January 2021,” it added.
A further analysis of the public debt stock showed that the domestic debt stock grew by 2.11 per cent from N20.21 trillion in December 2020 to N20.637 trillion as of the end of March 31, 2021.