Nigerian States and Federal Debt Stock data as at 30th June 2020 reflected that the country’s total public debt portfolio stood at ₦31.01trn.
Further disaggregation of Nigeria’s total public debt showed that ₦11.36trn or 36.65% of the debt was external while ₦19.65trn or 63.35% of the debt was domestic.
The total States and FCT domestic debt was put at N4.19trillion with Lagos state accounting for 11.77% of the debt stock while Yobe State has the least debt stock in this category with a contribution of 0.70%.
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Total public debt stock increased by $6.5 billion (₦2.4 trillion) from Q1 2020 to Q2 2020, due to the increase in multilateral loans and FGN bonds.
External public debt in Q2 2020 increased to $31.5billion (₦11.4 trillion) as a result of loans from the IMF ($3.4 billion) and World Bank ($400 million). Domestic debt stock also increased by $2.8 billion (₦1 trillion) mostly driven by an increase in FGN bonds by ₦700 billion.
AFRICA TODAY NEWS, NEW YORK