Nigeria’s Public Debt Is Now Officially ₦29.83 Trillion

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The total public debt stocks of the Federal Government of Nigeria, all states within the Nigerian federation, and the FCT is now ₦28.63 trillion as of Q1 2020.

This is was made known by the National Bureau of Statistics (NBS) in a report they released on Friday, July 10, 2020.

Further analysis of Nigeria’s total public debt showed that N9.99 trillion which equals about 34.89% of the debt was external.

Nigeria’s Public Debt
A breakdown of the report revealed that the total debt stock of the states as of 31 March 2020 is N4.1 trillion. Meanwhile, these states’ total Internally Generated Revenue (IGR) for 2019 was N1.3 trillion. They also received N2.47 trillion from FAAC.

As usual, Lagos State recorded the highest IGR at N398.7 billion. The state also received N117.8 billion in FAAC disbursements and has a total debt stock of N444.2 billion, thereby making up 10.8% of the total debt stock of the states.

Yobe State recorded the lowest debt stock out of all the states with just N29.2 billion. This made up just 0.7% of the total debt stock of the states. Meanwhile, the state generated a total IGR of N8.4 billion in 2019.

Nigeria’s Public Debt
Part of the report by the NBS said:
“Nigerian States and Federal Debt Stock data as at 31st March 2020 reflected that the country’s total public debt portfolio stood at N28.63trn. Further disaggregation of Nigeria’s total public debt showed that N9.99trn or 34.89% of the debt was external while N18.64trn or 65.11% of the debt was domestic.

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“Similarly, States and FCT domestic debt was put at N4.11trillion with Lagos state accounting for 10.8% of the total domestic debt stock while Yobe State has the least debt stock in this category with a contribution of 0.7%.”

However, the FCT had total debt of N106.8 billion, making up 2.6% of the total debt stock of the states. The FCT also recorded an IGR of N74.5 billion in 2019 and received 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 total 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.

See comments and reactions

Tina Adesua: Nigeria’s public Debt?
Which Nigerians pls?
Did i used inside the money?
Abeg say Buhari and his cabinet debt

Peace Tom: Please can economics students explain to me why central bank can’t print this money and pay back
Your great great generation will pay for it.

Nse Pius: What a useless achievement from the most upright and incorruptible man to ever rule this country.
I pity the president that will come after him, he go pay debt tire.
You dey fold hand dey think, I follow you chop the dept?…Bia, Mr president leave me ooo

Israel Ekhosiohi: If I hear pim from anybody na slap go follow am… All of una wey say Goodluck no good well I knw say by now una eyes don clear… Especially those students wey no know their history.

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Wisdom Hill: Congratulations
Buhari was just sent from the pit of hell to come destroy this entity called Nigeria,God…..what is our faith for tomorrow if u didn’t help us,the future of children unborn has been truncated already,unless God will have mercy and give us a direction, the worst of all is that the old dude is still having three years left,don’t we think he can still go and borrow again?

Tochukwu Ubaka: This small boy in Aso rock still busy borrowing money up and down, using billions to renovate NASS
Let them pack all Nigerians and sell to pay off their debt so that Animals will take over the empty land .

Thomas Sankara: You are a disgrace to Nigerians. Your own fight against corruption is to put Nigerians into deep debts before u leave office ? Fear God ooh Mr President

Kenny Wise: With the looting here and there can’t just imagine the one of recent Magu oloriburuku EFFCC for crying out loud and u will be pasuading Yahoo guys wen u guys are fuckin mudarer too he no go better ofr una stupid government

Saun Faseyi: We follow una chop the money? Wetin come be our own wey una con dey tell us… Go meet the people wey una chop de money 2dega make una settle de matter not telling us that are innocent of it… Okay!!!

Obinna Emeka: Mr president of Nigeria Expresses shock on the amount of debt that befalls Nigerians. Very soon the real colonization will happen. Those supporting one Nigeria better start saving money to pay dept is not one Nigeria by mouth onye Eriri eriela ya period. And they will be thinking they won’t contribute anything until they start hearing that one litre of fuel is 600. Nigerians Ndo.

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