The Director-General of Debt Management Office, DMO, Patience Oniha, disclosed on Wednesday, that Nigeria’s public debt stock stood at N35.465 trillion as at June 30, 2021.
Total Public Debt is composed of the domestic and external debt of the Federal Government, the 36 state governments and the Federal Capital Territory, FCT.
According to the Director-General of the DMO, Patience Oniha, the external debt accounted for N13.7 trillion or 38.7 per cent while approximately N21.8 trillion was sourced from the local market.
Of the total value, 83.07 per cent was held by the Federal Government while the 36 states and the Federal Capital Territory (FCT) borrowings accounted for 16.93 per cent.
The percentage of FG’s share of the national debt had increased from 81.94 per cent as at December 2020.
A breakdown of the public debt figure under review indicated that that external debt was N13.711 trillion, representing 38.66 per cent.
On the other hand, domestic debt was N21.754 trillion, representing 61.34 per cent of the total stock.
The Federal Government accounted for N11. 828 trillion of the external debt and N17. 632 trillion of the domestic debt.
States and the FCT’s external debt stood at N1.883 trillion, with a domestic debt stock of N4.122 trillion.
The breakdown of the external debt showed that the bulk of the debt is owed to multilaterals (World Bank Group and the African Development Bank Group), which accounted for 54.88 per cent.
The next highest category is the commercial debt (Eurobonds and Diaspora bonds) which accounted for 31.88 per cent; while bilateral (China, France, Japan, India and Germany) stood at 12. 70 per cent. Promissory Notes represent 0. 54 per cent.
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