Nigeria’s total public debt portfolio as at December 31, 2020, stood at N32.92 trillion, The National Bureau of Statistics (NBS) has revealed.
This was contained in the latest report of NBS, titled Nigerian Domestic and Foreign Debt report for Quarter Four, 2020, obtained from its official website on Monday.
According to the report, N12.71 trillion or 38.60% of the debt was external, while N20.21 trillion or 61.40% of the debt was domestic.
Further breakdown of the report revealed that the domestic debt of the 36 States with the inclusion of the Federal Capital Territory (FCT) was put at N4.19 trillion, at the fourth quarter of 2020.
In the fourth quarter of 2020, Lagos State recorded the highest domestic debt with N508.7 billion, accounting for 12.15% of the total debt stock.
River State recorded the second highest domestic debt with N266.9 billion, accounting for 6.38% of the total debt stock.
Also, under the period in review, Jigawa State recorded the lowest domestic debt with N30.9 billion, accounting for 0.74% of the total debt stock while Sokoto State recorded the second lowest domestic debt with N42.3 billion, accounting for 1.01% of the total debt stock.
Further disaggregation of the foreign debt showed that Multilateral debt, which is the debt owed international financial institution such as the International Monetary Fund (IMF) and the World Bank, stood at $17.93 billion (N6.80 trillion).
Also, the bilateral debt, which is the debt owed to countries or private banks, stood at $4.06 billion (4.23trillion)
Similarly, the commercials debt, which is the debt used to fund major capital expenditures, stood at $11.17 billion (N4.23 trillion)
Promissory note, which is the financial instrument that contains a written promise of the note’s issuer to pay a definite sum of money at a later date, stood at $186.70billion (N70.8trillion)
