According to numbers issued by the Debt Management Office (DMO) on Wednesday, Nigeria’s overall debt stock increased by N191 billion in the first quarter of this year, representing a 0.58 percent increase from N32.916 trillion as of December 31, 2020.
The debt stock increased to N33.107 trillion by the end of March 2021, up from N32.916 trillion in December 2020, according to the DMO.
According to a statement on DMO’s website, the entire public debt stock is made up of the debt stock of the Federal Government of Nigeria (FGN), 36 State Governments, and the Federal Capital Territory (FCT).
The debt stock also comprises N940.220 billion in Promissory Notes issued to satisfy the FGN’s inherited arrears to state governments, oil marketing corporations, and other entities.
Additional analysis reveals that the rise was due to a 2.11 percent rise in the Domestic Debt Stock, which increased from N20.21 trillion in December 2020 to N20.637 trillion on March 31, 2021.
The FGN’s portion of domestic debt, according to the DMO, consists of FGN bonds, Sukuk, and Green Bonds used to fund infrastructure and other capital projects, as well as the N940.220 billion Promissory Notes.
The foreign debt is made up of $17.83 billion owing to multilateral creditors such as the International Monetary Fund (IMF), the World Bank Group, and the African Development Bank Group, according to a breakdown.
Furthermore, Export-Import (Exim) Bank of China, Agence Francaise Development (France), Japan International Cooperation Agency, Exim Bank of India, and Kreditanstalt Fur Wiederaufbua (Germany) accounted for $4.18 billion in bilateral obligations, while commercial debts were $10.66 billion.