Total Nigeria’s public debt stock now N33.107 trn

Total Nigeria’s public debt stock now N33.107 trn

As at March 31, 2021, Nigeria’s total Public Debt Stock is now N33.107 trillion or $87.239 billion.

This was disclosed by the Debt Management Office (DMO) on Wednesday evening.

According to the Public Debt Stock, the figure comprised of the Debt Stock of the Federal Government, the 36 State Governments and the Federal Capital Territory (FCT).

It consisted of Domestic Debt of N20.636 trillion (62.33%) and External Debt of N12.470 trillion (37.67%).

The federal government debt stock was put at N16.513 trillion, while the 36 states and the FCT owed  N 4.122 trillion)

According to the DMO, the Debt Stock also included the N940.220 billion Promissory Notes issued to settle the inherited arrears of the federal government to State Governments, Oil Marketing Companies, Exporters and Local Contractors.

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“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%,” the agency said.

It added, “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.


It included FGN Bonds, Nigerian Treasury Bills, Nigerian Treasury Bonds Sukuk and Green Bonds used to finance infrastructure and other capital projects, as well as, the N940.220 billion Promissory Notes.


The DMO said that the External Debt Stock declined from USD33.348 billion  as at December 31, 2020 to USD32.86 billion (N12.470 trillion)  due to the redemption by Nigeria of the $500 million Eurobond in January 2021.


Details of the federal government debt stock of N16.513 trillion showed that FGN Bonds was N12.465 trillion which constituted 75. 48 per cent of its total debt.

Treasury Bills stood at N2.604 trillion representing 15.77 per cent; while Nigerian Treasury Bonds was N100 billion or 0. 61 per cent.

FGN Savings Bond was N14.394 billion which represented 0.09 per cent.

FGN Sukuk was N 362. 557 billion, representing 2.20 per cent; while Green Bond was N25.690 billion or 0.16 per cent.

Promisory Notes 940,220,353,590.00 which accounted for 5. 69 per cent. The Promisory Notes are non-interest Notes issued to settle the arrears of the Federal Government to Local Contractors.

Meanwhile the DMO said that the actual Domestic Debt Service in the first quarter stood at N612.712 billion

N219. 289 billion was paid in January while N123.093 billion and N 270.328billion were paid in   February and March, respectively.


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