Lagos shares 12% of Nigeria’s N32.92tn total debt – NBS

Nigeria’s total public debt rose to N32.92 trillion as of December 31, 2020, the National Bureau of Statistics has said.

This is contained in its Nigerian Domestic and Foreign Debt report for Quarter Four, 2020 displayed on its website on Monday.

It added that the debt profile was for the states and the Federal Government.

The report put the total domestic debt by states and the Federal Capital Territory at N4.19 trillion with Lagos State accounting for 12.15 per cent of the debt stock.

Jigawa had the least debt with a contribution of 0.74 per cent.

According to the bureau, Nigeria’s total public debt showed that N12.71 trillion or 38.60 per cent of the debt was external, while N20.21 trillion or 61.40 per cent of the debt was domestic.

“Further disaggregation of Nigeria’s foreign debt showed that 17.93 billion dollars of the debt was multilateral, 4.06 billion dollars was bilateral from the African Development Bank (AfDB), Exim Bank of China, Japan International Cooperation Agency (JICA), India and KFW. “Meanwhile, 11.17 billion dollars was commercial which are Eurobonds and Diaspora bonds and 186.70 million dollars as promissory notes.”