The Debt Management Office (DMO) has revealed that Nigeria’s public debt stock as at March 31, 2021 stands at N33.107 trillion ($87.239 billion).
A statement on the DMO website indicates that the total public debt stock comprised of the debt stock of the Federal Government of Nigeria (FGN), 36 state governments and the Federal Capital Territory (FCT) respectively.
The debt stock also includes Promissory Notes in the sum 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 report said compared to the total public debt stock of N32.916 trillion as at December 31, 2020, a marginal increase of 0.58 per cent was recorded in the debt stock.
Further analysis shows that the increase was in the 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 Federal government’s share of the domestic debt includes Federal government’s 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 $33.348 billion as at December 31, 2020, to $32.86 billion due to the redemption by Nigeria of the 500 million dollars Eurobond in January 2021.”