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Nigeria Officially Owes N29.83 Trillion In Debt



Total debt stocks owed by the Federal Government of Nigeria as of Q1 2020 is now N28.63 trillion according to the National Bureau of Statistics(NBS).

A reports released on Friday July 10, 2020 showed that N9.99 trillion(equals about 34.89%) of the debt was external.

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Lagos State recorded highest out of the debts 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.

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 dis-aggregation 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%.”

SOURCE: AfricaCelebrities.Com