Nigeria’s Total Debt Increased To ₦2.4 Trillion In Q2 2020

Nigeria’s total public debt portfolio as at 30th June 2020 stands at N31.01trn, according to the National Bureau of Statistics.

Further disaggregation of the country’s total 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.

Total public debt increased by ₦2.4 trillion in Q2 2020 - NBS

Deborah Adegoke

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