The nation’s public debt stock stood at N35.465 trillion as at June 30, Director-General of the Debt Management Office, DMO, Ms. Patience Oniha, disclosed yesterday.
Total Public Debt is composed of the domestic and external debt of the Federal Government, the 36 state governments and the Federal Capital Territory, FCT.
Nigeria’s total public debt stock was N33.107 trillion or USD87.239 billion, as at March 31, 2021.
This indicated a N2.358 trillion rise in the debt stock from the end of the first quarter of the year to the end of the second quarter.
A breakdown of the public debt figure under review indicated that that external debt was N13.711 trillion, representing 38.66 per cent.
However, domestic debt was N21.754 trillion, representing 61.34 per cent of the total stock.
The Federal Government accounted for N11. 828 trillion of the external debt and N17. 632 trillion of the domestic debt.
States and the FCT’s external debt stood at N1.883 trillion, with a domestic debt stock of N4.122 trillion.
The breakdown of the external debt showed that the bulk of the debt is owed to multilaterals (World Bank Group and the African Development Bank Group), which accounted for 54.88 per cent.
The next highest category is the commercial debt (Eurobonds and Diaspora bonds) which accounted for 31.88 per cent; while bilateral (China, France, Japan, India and Germany) stood at 12. 70 per cent. Promissory Notes represent 0. 54 per cent.