The Debt Management Office has said that Nigeria’s total debt stock rose by N191 billion in the first quarter of 2021.
According to the figures released by the DMO on Wednesday, the debt stock rose to N33.107 trillion as of the end of March 2021 from N32.916 trillion in December 2020. The country’s external debt, however, reduced due to the redemption by Nigeria of the $500 million Eurobond in January.
The debt office said, “Total public debt stock, which comprises the debt stock of the Federal Government of Nigeria, 36 state governments and the Federal Capital Territory, stood at N33.107 trillion or $87.239 billion.
“The debt stock also includes promissory notes in the sum of N940.22 billion issued to settle the inherited arrears of the FGN to state governments, oil marketing companies, exporters and local contractors.
“Compared to the total public debt stock of N32.92 trillion as at December 31, 2020, the increase in the debt stock was marginal at 0.58 per cent.”
A further analysis of the public debt stock showed that the domestic debt stock grew by 2.11 per cent from N20.21 trillion in December 2020 to N20.637 trillion as of the end of March 31, 2021.