Nigeria’s total debt stock rose to N26.14 trillion as of the end of September 2019. This is disclosed in the latest report released by the National Bureau of Statistics (NBS).
The nation’s total debt rose from N25.70 trillion in March 2019 to N26.14 trillion by the end of September 2019. This means, quarter on quarter, Nigeria’s total debt stock rose by 1.71% or N440 billion.
Breakdown of debt stock: Nigeria’s debt stock category for the third quarter of 2019 shows that the country’s total external debt is estimated at N8.27 trillion, constituting 31.55% of total debt for the Federal Government, States, and the FCT.
- The total domestic debt rose to N17.94 trillion or 68.45% of total debt stock within the quarter.
- The Federal Government’s domestic debt was put at N13.9 trillion, constituting FGN Bonds, FGN Savings Bonds, FGN Sukuk, Green Bond, Promissory Notes, Nigerian Treasury Bills and Bonds.
- All the 36 states accrued domestic debt of N4.04 trillion as of the end of September.
A further look into the breakdown of debts accruable to states in Nigeria disclosed that states’ debt profile increased marginally by 1.9% within the last quarter.
Specifically, as of March 2019, total debt accruable to states was estimated at N3.97 trillion, while the figure rose to N4.04 trillion in September 2019.