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Nigeria’s Debt Stock Rises To N32.22Trn In Q3, 2020

The National Bureau of Statistics (NBS’) latest report Nigeria’s domestic and foreign debt stock rose to N32.22 trillion ($84.57 billion) as at September 30, 2020.

In the report titled ‘Nigeria’s Domestic and Foreign Debt Q3 2020’, the agency disclosed that that the debt stock represented an increase of 22.93 percent as against N26.21 trillion recorded in the same period of 2019.

According to the NBS, out of the total debt stock, local debt accounted for N20.04 trillion as the end of Q3, 2020 or 62.18 percent while external debt totaling accounted for the N12.19 trillion or 37.82 percent, representing a 47.4 percent rise over the stock level in the corresponding period of 2019.

The NBS clarified: “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.”

Assessment of the three tiers of government’s debt stock showed that, Federal Government’s total domestic debt stock as at Q3, 2020 increased by 13.96 percent to N15.84 trillion, while the 36 states and Federal Capital Territory (FCT) owed N4.19 trillion, representing an increase of 3.71 percent compared to N4.04 trillion in Q3 2019.

The NBS indicated that the Federal Government’s total domestic debt stock by instrument as including, Sukuk, green bonds, treasury bills, treasury bonds, promissory notes, bonds, and savings bonds.

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