Nigeria’s total public debt stock as of the third quarter of 2020 (Q3 2020) increased by N6.01 trillion according to the National Bureau of Statistics’ (NBS) Report.
The report which focused on Nigeria’s Domestic and Foreign Debt Q3 2020, estimated the country’s total public debt stock constituting both external and domestic debts. The debts cumulatively stood at N32.22 trillion ($84.57 billion) as of September 2020.
This represents a 22.93 percent increase when compared to N26.21 trillion recorded in the corresponding year of 2019.
“Further disaggregation of Nigeria’s foreign debt showed that $16.74 billion of the debt was multilateral; $502.38m was bilateral (Agence Francaise de Development—AFD), and another $3.26
Billion bilateral from the Export-Import (Exim) Bank of China, Japan International Cooperation Agency (JICA), India, and Kreditanstalt Fur Wiederaufbua (KfW Development Bank of Germany), while $11.17 billion was commercial which are Eurobonds and diaspora bonds,” NBS said.
External debt in Q3 2020 stood at N12.19 trillion, this jumped high by 47.4 percent compared to Q3 2019 (N8.27 trillion); while domestic debt accounted for N20.04 trillion in Q3 2020, which rose by 11.71 percent compared to Q3 2019 (N17.94 trillion).
Meanwhile, total domestic debt stock owned by the federal government as at September 30, 2020, increased by 13.96 percent to N15.84 trillion, while the 36 states and Federal Capital Territory (FCT) owes N4.19 trillion, an increase of 3.71 percent compared to Q3 2019 (N4.04 trillion).
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