Thursday, August 11, 2022

Nigeria’s Debt Hits N33.107Trillion

The Debt Management Office (DMO) on Wednesday released Nigeria’s public debt stock as of March 31, 2021, putting the nation’s outstanding obligations at N33.107 trillion or $87.239 billion, rising from N32.916 trillion on December 31, 2020.

The increase shows that between January 1, 2021 to date, an additional N191 billion (0.58%) was added to Nigeria’s total debt stock. The total debt comprises the Federal Government and the indebtedness of the 36 State Governments and the Federal Capital Territory (FCT).

According to the DMO, the debt stock also includes promissory notes of N940.220 billion issued to settle the inherited arrears of the Federal Government to State Governments, oil marketing companies, exporters and local contractors. 

The DMO, while comparing the total public debt stock of N32.916 trillion as at December 31, 2020 described the increase as marginal.

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Further analysis of the public debt stock shows that the increase was in the domestic debt which grew by 2.11 per cent from N20.21 trillion in December 2020 to N20.637 trillion as at March 31, 2021.  

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