FG, States, FCT Now Owe N33.107trn By Q1 ―DMO

Debt Management Office (DMO) on Wednesday put Nigeria’s total public debt stock as of March 31, 2021, at N33.107 trillion or USD87.239 billion.

The agency explained that the figures were made up of N20.636 trillion (62.33%) domestic debts and  and N12.470 trillion (37.67%) external obligations.

The Debt Stock also included the N940.220 billion Promissory Notes issued to settle the inherited arrears of the federal government to State Governments, Oil Marketing Companies, exporters and Local Contractors.

Of the total debts, the Federal government’s portion was put at N16.513 trillion, states and the FCT owed N 4.122 trillion.

“Compared to the Total Public Debt Stock of N32.916 trillion as of December 31, 2020, the increase in the Debt Stock was marginal at 0.58%,” the agency said.

Further analysis of the Public Debt Stock shows that the increase was in the Domestic Debt Stock which grew by 2.11% from N20.21 trillion in December 2020 to N20.637 trillion as of March 31, 2021.

It included FGN Bonds, Nigerian Treasury Bills, Nigerian Treasury Bonds Sukuk and Green Bonds used to finance infrastructure and other capital projects, as well as, the N940.220 billion Promissory Notes.

The external portion of the debt stock declined from $33.348 billion as of December 31, 2020, to $32.86 billion (N12.470 trillion) due to the redemption by Nigeria of the $500 million Eurobond in January 2021.

Details of the federal government debt stock of N16.513 trillion showed that FGN Bonds was N12.465 trillion which constituted 75. 48 per cent of its total debt.

Treasury Bills stood at N2.604 trillion representing 15.77 per cent; while Nigerian Treasury Bonds was N100 billion or 0. 61 per cent.

FGN Savings Bond was N14.394 billion which represented 0.09 per cent.

FGN Sukuk was N 362. 557 billion, representing 2.20 per cent; while Green Bond was N25.690 billion or 0.16 per cent.

Promissory Notes 940,220,353,590.00 which accounted for 5. 69 per cent. The Promissory Notes are non-interest Notes issued to settle the arrears of the Federal Government to Local Contractors.

On debt service, DMO disclosed that N612.712 billion was committed in the first quarter of 2021 with N219. 289 billion paid in January while N123.093 billion and N270.328 billion respectively were paid in February and March.