HomeBUSINESSNigeria’s debt servicing gulps N1t in 3 months, debt stock hits N33t

Nigeria’s debt servicing gulps N1t in 3 months, debt stock hits N33t

Nigeria’s Public Debt Stock hit N33.107 trillion, about $87.2 billion, while debt servicing gulped about Ni trillion, as at 31 March.

Domestic debt servicing gulped N612.7 billion in the first three months, while external loan servicing gulped $1.003 billion.

This means Nigeria spent a little over a trillion naira to service its debts.

According to a statement on DMO’s website, the total public Debt Stock comprised of the debt stock of the Federal Government of Nigeria (FGN), 36 State Governments and the Federal Capital Territory (FCT).

The debt stock also includes Promissory Notes in the sum of N940.220 billion issued to settle the inherited arrears of the FGN to state governments, oil marketing companies, exporters and local contractors.

The report said that compared to the Total Public Debt Stock of N32.916 trillion as at December 31, 2020, a marginal increase of 0.58 per cent was recorded in the Debt Stock.

Further analysis shows that the increase was in the Domestic Debt Stock which grew by 2.11 per cent from N20.21 trillion in December 2020 to N20.637 trillion as at March 31, 2021.

According to the DMO, the FGN’s share of the domestic debt includes FGN bonds, Sukuk and Green Bonds used to finance infrastructure and other capital projects as well as the N940.220 billion Promissory Notes.

“External Debt Stock declined from USD33.348 billion as at December 31, 2020, to USD32.86 billion due to the redemption by Nigeria of the 500 million dollars Eurobond in January 2021.”

Of the N612.7 billion spent on domestic debt servicing, the highest amount of N270 billion was spent in March.

In January, N219.3 billion was spent, while in February it fell to N123 billion.

Read the debt tables:

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