Nigeria’s Public Debt Is Now Officially ₦29.83 Trillion

Posted 11 months ago

by Admin

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The total public debt stocks of the Federal Government of Nigeria, all states within the Nigerian federation, and the FCT is now ₦28.63 trillion as of Q1 2020.

This is was made known by the National Bureau of Statistics (NBS) in a report they released on Friday, July 10, 2020

Further analysis of Nigeria’s total public debt showed that N9.99 trillion which equals about 34.89% of the debt was external

A breakdown of the report revealed that the total debt stock of the states as of 31 March 2020 is N4.1 trillion. Meanwhile, these states’ total Internally Generated Revenue (IGR) for 2019 was N1.3 trillion. They also received N2.47 trillion from FAAC.

As usual, Lagos State recorded the highest IGR at N398.7 billion. The state also received N117.8 billion in FAAC disbursements and has a total debt stock of N444.2 billion, thereby making up 10.8% of the total debt stock of the states

 

Yobe State recorded the lowest debt stock out of all the states with just N29.2 billion. This made up just 0.7% of the total debt stock of the states. Meanwhile, the state generated a total IGR of N8.4 billion in 2019

Part of the report by the NBS said:
“Nigerian States and Federal Debt Stock data as at 31st March 2020 reflected that the country’s total public debt portfolio stood at N28.63trn. 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.

“Similarly, States and FCT domestic debt was put at N4.11trillion with Lagos state accounting for 10.8% of the total domestic debt stock while Yobe State has the least debt stock in this category with a contribution of 0.7%.”

However, the FCT had total debt of N106.8 billion, making up 2.6% of the total debt stock of the states. The FCT also recorded an IGR of N74.5 billion in 2019 and received N71.9 billion in FAAC.

The Federal Government’s total domestic debt stock by Q1, 2020 was N14.5 trillion, with FGN bonds making up 72.5% of the total portfolio followed by treasury bills at 18.24%.

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Comments ( 21 )

mimi1818

So bad huge debt but no development

11 months ago

jem

My God very sad for our country

11 months ago

clement222

This information was helpful to me

11 months ago

autaboi

Thanks for this great information

11 months ago

gabriel_1

Thanks for this great information

11 months ago

showfaze34

Too much debt with no accountability

11 months ago

ziontotheworld

Kai buhari has finally killed us

11 months ago

basecoded

Thanks for the wonderful information

10 months ago

blaizy_jay

Thanks for the information it a perfect one

10 months ago

standardpahy

Thanks for sharing this vital information god bless u

10 months ago

lekanbams

Thanks for sharing this post

10 months ago

ziontotheworld

God go soon punish una

10 months ago

basecoded

Thanks for the wonderful information

10 months ago

basecoded

Thanks for the wonderful information

10 months ago

lekanbams

Thanks for sharing this post

10 months ago

amos123emmanuel

Thanks for sharing this post

10 months ago

amos123emmanuel

Thanks for sharing this post

10 months ago

smallz

thanks for sharing this post

10 months ago

iorshase_jnr

Thanks a lot for sharing the information

9 months ago

annie_bella

Thanks for the wonderful information

8 months ago

temmy

Thanks for sharing this post

8 months ago