Nigeria’s Total Public Debt Hits 2.4trillion Naira Due to Multilateral Loans in 2020

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Nigerian States and Federal Debt Stock data as at 30th June 2020 reflected that the country’s total public debt portfolio stood at N31.01trn.
Further disaggregation of Nigeria’s total public debt showed that N11.36trn or 36.65% of the debt was external while N19.65trn or 63.35% of the debt was domestic.

The total States and FCT domestic debt was put at N4.19trillion with Lagos state accounting for 11.77% of the debt stock while Yobe State has the least debt stock in this category with a contribution of 0.70%.

Total public debt stock increased by $6.5 billion (₦2.4 trillion) from Q1 2020 to Q2 2020, due to the increase in multilateral loans and FGN bonds.

External public debt in Q2 2020 increased to $31.5billion (₦11.4 trillion) as a result of loans from the IMF ($3.4 billion) and World Bank ($400 million). Domestic debt stock also increased by $2.8 billion (₦1 trillion) mostly driven by an increase in FGN bonds by ₦700 billion.

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