Nigeria Public Debt Hits N33trn – DMO

By Tony Obiechina, Abuja

The Management Office has released ’s Public Stock as at March 31, 2021.

According to the Office, the Total Public Stock which comprises the Stock of the Federal Government of , 36 State Governments and the stood at N33.107 trillion or $87.239bn.

The Stock also includes Promissory Notes in the sum of N940.22bn issued to settle the inherited arrears of the Federal Government to State Governments, Oil Marketing Companies, Exporters and Local Contractors.

Compared to the Total Public Debt Stock of N32.916trn as at December 31, 2020, the increase in the Debt Stock was marginal at 0.58 per cent.

Further analysis of the Public Debt Stock, showed that the increase was in the Domestic Debt Stock, which grew by 2.11 per cent from N20.21trn in December 2020 to N20.637trn as at March 31, 2021.

The Federal Government’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 N940.22bn Promissory Notes.

External Debt Stock declined from $33.348bn as at December 31, 2020 to $32.86bn due to the redemption by of the $500m Eurobond in January 2021.

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