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61.4% of Nigeria’s total public debt is domestic —NBS

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The National Bureau of Statistics (NBS) has revealed that 61 percent of Nigeria’s public debt portfolio of N32.92 trillon is domestic.

This was revealed in its latest external and domestic debt statistics released on Monday.

According to NBS disaggregation of Nigeria’s total public debt portfolio for Federal government and States showed that N12.71 trillion or 38.60 percent of the debt was external while N20.21trn or 61.40 percent of the debt are 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.

READ ALSO: Rising prices of food items highlight struggle of Nigerian households —NBS

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%.

Ripples Nigeria last week had exclusively reported through Ripplesmetrics that domestic debts had risen by 46.1 percent in two years with South-West Nigeria as the most burdened region.

The South-West alone has a domestic debt burden of N1.52 trillion, accounting for 25.2 per cent of the country’s total subnational domestic debt.

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