Photo by Jonathan Borba
According to the report released by the National Bureau of Statistics (NBS) and made available to Brand News Day, Nigeria’s total public debt portfolio showed that N12.71trn or 38.60% of the debt was external while N20.21trn or 61.40% of the debt was domestic.
Further disaggregation of Nigeria’s foreign debt showed that $17.93bn of the debt was multilateral; $4.06bm was bilateral from the AFD, Exim Bank of China, JICA, India, and KFW while $11.17bn was commercial which are Eurobonds and Diaspora Bonds and $186.70 as Promissory notes.
The total States and FCT domestic debt was put at N4.19trn with Lagos state accounting for 12.15% of the debt stock while Jigawa State has the least debt stock in this category with a contribution of 0.74%.
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