The Nigerian Bureau of Statistics (NBS) has said monies owed externally accounts for a mere 38.6 per cent of the total public debt of N32.92 trillion as at the last quarter of 2020.
The implication is that a greater part of the country’s debt is owed to locals. According to the statistics bureau, 61.40 per cent of the debt owed by Nigeria is from within.
Nigeria’s total public debt portfolio 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 of the debt was multilateral; $4.06 billion was bilateral from the AFD, Exim Bank of China, JICA, India, and KFW while $11.17 billion was commercial which are Eurobonds and Diaspora Bonds and $186.70 as Promissory notes.
The total States and FCT domestic debt was put at N4.19 trillion with Lagos state accounting for 12.15 per cent of the debt stock while Jigawa State has the least debt stock in this category with a contribution of 0.74 per cent.
