OBINNA EZUGWU
Latest figures from the Debt Management Office (DMO), show that Nigeria’s total public debt stock stood N33.107 trillion or USD87.239 billion. as at March 31, 2021.
The DMO which made the disclosure in a press statement posted on its website, said he debt stock comprises of the Debt Stock of the Federal Government of Nigeria (FGN), thirty-six (36) State Governments and the Federal Capital Territory (FCT).
The Debt Stock, the office said, also includes Promissory Notes in the sum of N940.220 billion issued to settle the inherited arrears of the FGN to State Governments, Oil Marketing Companies, Exporters and Local Contractors. Compared to the Total Public Debt Stock of N32.916 trillion as at December 31, 2020, the increase in the Debt Stock was marginal at 0.58%.
Further analysis of the Public Debt Stock, shows that the increase was in the Domestic Debt Stock which grew by 2.11% from N20.21 trillion in December 2020 to N20.637 trillion as at March 31, 2021. The FGN’s share of the Domestic Debt includes FGN 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 USD33.348 billion as at December 31, 2020 to USD32.86 billion due to the redemption by Nigeria of the USD500 million Eurobond in January 2021
