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Nigeria Officially Owes N29.83 Trillion In Debt

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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

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