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Business News of Thursday, 14 January 2021

Source: www.mynigeria.com

Nigeria's total public debt increases by N6 trillion in 1 year

According to a recently released report by the National Bureau of Statistics (NBS), Nigeria's total public debt stock as of September 2020, increased by over N6 trillion in just one year.

The total public debt (External and Domestic) incurred by Nigeria stood at N32.22 trillion ($84.57 billion) as of September 2020, which represents an additional N6.01 trillion when compared to N26.21 trillion recorded as of the corresponding period of 2019, Nairametrics reports.

According to the breakdown, external debts accounted for 37.82% (N12.19 trillion) of the total debt stock, while domestic debts at N20.04 trillion represented 62.18% of the total.

Breakdown further disaggregation of Nigeria’s foreign debt showed that $16.74bn of the debt was multilateral.

Also, $502.38m was bilateral (AFD) and another $3.26bn bilateral from the Exim Bank of China, JICA, India, and KFW while $11.17bn was commercial which are Eurobonds and Diaspora Bonds, according to Nairametrics.

Total external debt grew by $5.04 billion (N3.9 trillion) within the period, indicating an increase of 18.72%. Total domestic debt on the other hand declined by $5.86 billion.

However, it represents an increase in Naira value of N2.09 trillion, largely due to multiple devaluations of the currency during the period.READ: Growing concern for Nigeria’s ballooning debt profile

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