Nigeria’s Public Debt Stock has risen to N33.11tn or $87.24bn, the Debt Management Office has disclosed.
The country’s total debt stock increased by 0.58 per cent in the first quarter of 2021 compared to N32.92tn in Q4 2020.
According to a detailed explanation obtained from DMO’s official website, the debt comprised that of the Federal Government, 36 states and the Federal Capital Territory.
It also included promissory notes of N940.22bn issued to settle the inherited arrears of the Federal Government to states, oil marketing companies, exporters and local contractors.
A cursory analysis on the report showed that the domestic debt stock grew by 2.11 per cent from N20.21tn in December 2020 to N20.637tn as at March 31, 2021.
The DMO also stated that the Federal Government’s share of the domestic debt included FGN, Sukuk and Green bonds used to finance infrastructure and other capital projects as well as the N940.22bn promissory notes.
The DMO, however, added that external debt stock declined from $33.35bn in Q4 2020 to $32.86bn in Q1 2021 due to Nigeria’s redemption of the $500m Eurobond in January 2021.
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