The National Bureau of Statistics (NBS) disclosed that Nigeria’s total debt between the Federal Government and states rose to the sum of N33.11 trillion as of March 31st, 2021.
The NBS disclosed this in a report on Thursday in its “Nigerian Domestic and foreign debt for Quarter one, 2021 (Q1 2021)” report, adding that N12.47 trillion or 37.67% of the debt was external, while N20.64 trillion or 62.33% of the debt was domestic.
Compiling data from the Debt Management Office (DMO) and verified by the NBS, they said: “The Federal Government’s domestic debt stock alone was put at N16.51 trillion, while States and the Federal Capital Territory (FCT) domestic debt stock was put at N4.12 trillion.
“Lagos state accounted for 12.31% of the total domestic debt stock with N507.3 billion, while Jigawa State, with N31.7 billion, has the least debt stock in this category with a contribution of 0.77% to the total domestic debt stock.”
It was reported last week that the Debt Management Office (DMO) said Nigeria’s overall debt stock increased by N191 billion in the first quarter of this year, representing a 0.58% increase from N32.916 trillion as of December 31, 2020, to N33.107 trillion by the end of March 2021.
Meanwhile, the Nigerian government spent a sum of N1.02 trillion on domestic and foreign debt service in the first quarter of 2021, representing a 35.7% year-on-year increase compared to N753.7 billion spent in the corresponding period of 2020.
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