The Debt Management Office (DMO) has put Nigeria’s Public Debt Stock at N33.107 trillion (about 87.239 billion dollars), as of March 31, 2021.
A statement obtained from DMO’s website published by the News Agency of Nigeria (NAN) showed that the total public Debt Stock comprised of the debt stock of the Federal Government of Nigeria (FGN), 36 State Governments and the Federal Capital Territory (FCT), respectively.
The debt stock also included 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.
According to the report , compared to the Total Public Debt Stock of N32.916 trillion as at December 31, 2020, a marginal increase of 0.58 per cent was recorded in the Debt Stock.
Further analysis showes that the increase was in the Domestic Debt Stock which grew by 2.11 per cent from N20.21 trillion in December 2020 to N20.637 trillion as at March 31, 2021. According to the DMO, the FGN’s share of the domestic debt included 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 500 million dollars Eurobond in January 2021.” SOURCE:NAN.