Global News

Nigeria’s Public Debt Is Now Officially ₦29.83 Trillion

Nigeria’s Public Debt Is Now Officially ₦29.83 Trillion (Updated: Saturday, 11th July 2020, 05:00 PM)


The total public debt stocks of the Federal Government of Nigeria, all states within the Nigerian federation, and the FCT is now ₦28.63 trillion as of Q1 2020.

This is was made known by the National Bureau of Statistics (NBS) in a report they released on Friday, July 10, 2020.

Further analysis of Nigeria’s total public debt showed that N9.99 trillion which equals about 34.89% of the debt was external.

A breakdown of the report revealed that the total debt stock of the states as of 31 March 2020 is N4.1 trillion. Meanwhile, these states’ total Internally Generated Revenue (IGR) for 2019 was N1.3 trillion. They also received N2.47 trillion from FAAC.

As usual, Lagos State recorded the highest IGR at N398.7 billion. The state also received N117.8 billion in FAAC disbursements and has a total debt stock of N444.2 billion, thereby making up 10.8% of the total debt stock of the states.

Yobe State recorded the lowest debt stock out of all the states with just N29.2 billion. This made up just 0.7% of the total debt stock of the states. Meanwhile, the state generated a total IGR of N8.4 billion in 2019.

Part of the report by the NBS said:
“Nigerian States and Federal Debt Stock data as at 31st March 2020 reflected that the country’s total public debt portfolio stood at N28.63trn. Further disaggregation of Nigeria’s total public debt showed that N9.99trn or 34.89% of the debt was external while N18.64trn or 65.11% of the debt was domestic.

“Similarly, States and FCT domestic debt was put at N4.11trillion with Lagos state accounting for 10.8% of the total domestic debt stock while Yobe State has the least debt stock in this category with a contribution of 0.7%.”

However, the FCT had total debt of N106.8 billion, making up 2.6% of the total debt stock of the states. The FCT also recorded an IGR of N74.5 billion in 2019 and received N71.9 billion in FAAC.

The Federal Government’s total domestic debt stock by Q1, 2020 was N14.5 trillion, with FGN bonds making up 72.5% of the total portfolio followed by treasury bills at 18.24%.

The total public debt stock has risen by 4% since December 2019 while the previous figure stood at N27.4 trillion.

Add a coment

Recent Posts

AKA
AKA
Wande Coal
Wande Coal
Ric Hassani
Ric Hassani
Fuse ODG
Fuse ODG
Victony
Victony
Decoded
Decoded
Kabex
Kabex
JamoPyper
JamoPyper
Wale
Wale
Dremo
Dremo
Emma Nyra
Emma Nyra
Mr Eazi
Mr Eazi
Yung Effissy
Yung Effissy
Tonto Dikeh
Tonto Dikeh
Ayanfe Viral
Ayanfe Viral
Small Doctor
Small Doctor
Terry G
Terry G
Yomi Blaze
Yomi Blaze
Eva Alordiah
Eva Alordiah
DJ Tunex
DJ Tunex
Nicki Minaj
Nicki Minaj
2Baba
2Baba
Fabian Blu
Fabian Blu
Victor AD
Victor AD
Trod
Trod
Junior Boy
Junior Boy
DJ Neptune
DJ Neptune
Larry Gaaga
Larry Gaaga
Zuchu
Zuchu
DJ Switch
DJ Switch
Oritse Femi
Oritse Femi
DaBaby
DaBaby
Temmie Ovwasa
Temmie Ovwasa
HarrySong
HarrySong
Idahams
Idahams
Omar Sterling
Omar Sterling
Danagog
Danagog
Cassper...
Cassper...
Tekno
Tekno
Wale Turner
Wale Turner
NAIJAKIT.COM