Nigeria’s Debt Profile Hits N33.1 Trillion, Says DMO

The Debt Management Office (DMO) has said Nigeria’s total debt rose by N191 billion in the first quarter of 2021 to N33.107 trillion from N32.916 trillion in December 2020.

The DMO revealed in its report released on Wednesday.

Breaking down the figures, Nigeria’s external debt dropped due to the $500 million Eurobond redeemed by the Federal Government in January 2020.

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 N33.107 trillion or $87.239 billion.

“The debt stock also includes promissory notes in the sum of N940.22 billion 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 N32.92 trillion as at December 31, 2020, the increase in the debt stock was marginal at 0.58 per cent.”

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.

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 N940.22 billion promissory notes, according to the DMO.