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Market Digest Nigeria

Finance

Nigeria’s national debt hits N32.22tr in Q3 -NBS

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The National Bureau of Statistics (NBS) has said as at Third Quarter (Q3) 2020, Nigeria’s total debt stood at N32.22 trillion.

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The NBS In a report titled: “Nigerian Domestic and Foreign Debt – Q3 2020,” explained that further disaggregation of Nigeria’s foreign deficit showed that $16.74billion of the debt was multilateral; $502.38 million was bilateral (AFD) and another $3.26 billion bilateral from the Exim Bank of China, JICA, India, and KFW while $11.17 billion was commercial which are Eurobonds and Diaspora Bonds.

NBS said “Nigerian States and Federal Debt Stock data as of 30th September 2020 reflected that the country’s total public deficit portfolio stood at N32.22 trillion.”

Nigeria’s total public deficit showed that N12.19 trillion or 37.82 per cent of the deficit was external while N20.04 trillion 62.18 per cent of the deficit was domestic.

The document said the domestic deficit stock as at September 30, 2020 was totally N13.9trillion.

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