The total debt stocks of the Federal Government of Nigeria, all states within Nigerian organization, and the FCT is currently ₦28.63 trillion as of Q1 2020.
This is was made known by the National Bureau of Statistics (NBS) in a report they discharged on Friday, July 10, 2020.
Further investigation of Nigeria’s public debt showed that N9.99 trillion which equals about 34.89% of the debt was external.
A breakdown of the report uncovered thattotal debt stock of the states starting at 31 March 2020 is N4.1 trillion. In the mean time, these states’ all out Internally Generated Revenue (IGR) for 2019 was N1.3 trillion. They likewise got N2.47 trillion from FAAC.
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Obviously, Lagos State recorded the most noteworthy IGR at N398.7 billion. The state additionally got N117.8 billion in FAAC disbursements and has a total debt stock N444.2 billion, along these lines making up 10.8% of the complete obligation supply of the states.
Yobe State recorded the most minimal debt stock out of the considerable number of states with just N29.2 billion. This made up only 0.7% of the total debt stocks of the states. Then, the state created an absolute IGR of N8.4 billion out of 2019.
Some parts of the report by the NBS stated:
“Nigerian States and Federal Debt Stock information as at 31st March 2020 mirrored that the nation’s total public debt portfolio remained at N28.63trn. Further disaggregation of Nigeria’s total public debt shows that N9.99trn or 34.89% of the debts stock was external while N18.64trn or 65.11% of the debt was domestic.
“Thus, States and FCT local total public debt was put at N4.11trillion with Lagos state representing 10.8% of the all out local domestic debt stock while Yobe State has the least domestic debt stock in this category with a commitment of 0.7%.”
Be that as it may, the FCT had total public debt of N106.8 billion, making up 2.6% of the total debt stock of the states. The FCT likewise recorded an IGR of N74.5 billion out of 2019 and got 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 complete portfolio followed by treasury bills at 18.24%.
The total public debt stock has risen by 4% since December 2019 while the previous figure stood at N27.4 trillion.
