Nigeria’s Total Public Debt Hits N33.107 Trillion in Q1-2021
Nigeria’s total public debt hits N33.107 trillion in the first quarter (Q1) of the fiscal year 2021, an equivalent of about US$87.239 billion, a new report from the nation’s debt management office (DMO) says.
A statement obtained from DMO’s website says that the total public debt stock comprises the debt stock of the Federal Government of Nigeria (FGN), 36 State Governments and the Federal Capital Territory (FCT), respectively.
Nigeria’s total debt stock is expected to jump by an additional US$6.18 billion which the federal government seeks to raise in 2021 to support a budget deficit of about N6 trillion.
Recall that President Muhammadu Buhari recently asked Lawmakers to approve a US$6.18 billion foreign borrowing plan. Government seeks to raise $3 billion Eurobond amidst scarce dollar inflow into the country.
DMO report shows that the debt stock also includes Promissory Notes in the sum of N940.220 billion issued to settle the inherited arrears of the FGN to state governments, oil marketing companies, exporters and local contractors.
The report said that compared to the total public debt stock of N32.916 trillion as of December 31, 2020, a marginal increase of 0.58 per cent was recorded in the debt book.
Further analysis shows that the increase was driven by domestic debt stock which grew by 2.11 per cent from N20.21 trillion in December 2020 to N20.637 trillion as at March 31, 2021.
According to the DMO, the FGN’s share of the domestic debt includes FGN bonds, Sukuk and Green Bonds used to finance infrastructure and other capital projects as well as the N940.220 billion Promissory Notes.
“External debt stock declined from USD33.348 billion as at December 31, 2020, to USD32.86 billion due to the redemption by Nigeria of the 500 million dollars Eurobond in January 2021.”
Nigeria’s Total Public Debt Hits N33.107 Trillion in Q1-2021
