Nigeria’s total public debt grew by 4 percent to $79.303 billion as of March 31, 2020, from $76 billion in the fourth quarter of 2019. The debt stock comprises of the Federal Government of Nigeria, states within the Nigerian federations, and the Federal Capital Territory (FCT).
Data released by the National Bureau of Statistics (NBS) reveals the public debt consisted of $27.666 billion in external debts and $51.638 billion in domestic debt.
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
Nigeria’s National Bureau of Statistics
In this case, the Federal Government’s total domestic debt in Q1 was N14.5 trillion with the states and FCT taking up N4.11 trillion. The federal government’s domestic debt grew by 1.42 percent to $37.5 billion from $36.8 billion in December 2019.
Lagos state has the largest debt stockpile amongst the states holding $1.15 billion accounting for 10.8 percent of the total domestic debt.
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