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Nigeria’s Total Debt Stock Rose by ₦6.01 trillion In One Year- NBS

Nigeria’s Total Debt Stock Rose by ₦6.01 trillion In One Year- NBS

Nigeria’s total debt stock as of the third quarter of 2020 rose by N6.01 within one year, this is according to data released by the National Bureau of Statistics (NBS).

The bureau’s report shows that the country’s domestic and foreign debts hit N32.22 trillion ($84.57 billion) as of September 30, 2020.

The figure represents 22.93 percent increase when compared to N26.21 trillion recorded in the corresponding year of 2019 (September 30, 2019).

READ ALSO: Nigeria’s Internet Subscriber Base Rose To 151.51 million In Q3, 2020 – NBS

“Further disaggregation of Nigeria’s foreign debt showed that $16.74 billion of the debt was multilateral; $502.38m was bilateral (Agence Francaise de Developpment—AFD), and another $3.26 billion bilateral from the Export-Import (Exim) Bank of China, Japan International Cooperation Agency (JICA), India, and Kreditanstalt Fur Wiederaufbua (KfW Development Bank of Germany), while $11.17 billion was commercial which are Eurobonds and diaspora bonds,” NBS said.

The country’s external debt in Q3 2020 was at N12.19 trillion, this shot up by 47.4 percent when compared to Q3 2019 (N8.27 trillion); while domestic debt accounted for N20.04 trillion in Q3 2020, which rose by 11.71 percent compared to Q3 2019 (N17.94 trillion).

Meanwhile, total domestic debt stock owed by the federal government as at September 30, 2020 increased by 13.96 percent to N15.84 trillion, while the 36 states and Federal Capital Territory (FCT) owes N4.19 trillion, an increase of 3.71 percent compared to Q3 2019 (N4.04 trillion).

The total domestic debt stock by instrument owed by the federal government includes: sukuk, green bonds, treasury bills, treasury bonds, promissory notes, bonds, and savings bonds.

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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