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Nigeria’s Total Debts Reach N33.1trn in Q1 2021

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By Modupe Gbadeyanka

The total value of debts owed by Nigeria as at March 31, 2021, now stands at N33.1 trillion ($87.2 billion), the Debt Management Office (DMO) has disclosed.

The debts comprise the amount owed by the federal government, the federal capital territory and the 36 states of the federation.

When compared with the total public debt stock of N32.9 trillion as at December 31, 2020, the amount increased by 0.58 per cent.

In a statement issued on Thursday, the debt office said debts include promissory notes in the sum of N940.2 billion issued to settle the inherited arrears of the FGN to state governments, oil marketing companies, exporters and local contractors.

It was further disclosed that in the period under review, there was an increase in the domestic debt stock by 2.11 per cent from N20.2 trillion in December 2020 to N20.6 trillion in the first quarter of 2021.

The federal government’s share of the local debts includes FGN Bonds, Sukuk and Green Bonds used to finance infrastructure and other capital projects as well as the N940.2 billion promissory notes.

However, in the period, the external debts went down from $33.4 billion in the fourth quarter of last year to $32.9 billion due to the redemption of the $500 million Eurobond in January 2021 by Nigeria.

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