MON SEPT 14, 2020-theGBJournal-Nigeria’s total debt portfolio grew to N31.01 trillion in Q22020, a 20.6% (in naira) from N25,701 trillion in Q22019, as the country adjusted to increased borrowing and higher financing cost induced largely by the coronavirus pandemic outbreak.
Most of the borrowing, 63.35% or N19.65trn overall comes from the domestic markets, according to the debt profile published today by the National Bureau of Statistics (NBS). N11.36trn or 36.65% of the debt was external.
Total States and FCT domestic debt was put at N4.19trillion with Lagos state accounting for 11.77% of the debt stock while Yobe State has the least debt stock in this category with a contribution of 0.70%.
Outstanding debts to multilateral agencies including the World Bank, the IMF and the African Development Bank Group constitute 51.97% of the total external debt stock while the sub-total from Bilateral Agencies including Exim Bank of China, Agence Francaise Development, Japan International Cooperation Agency, Exim Bank of India and Germany’s Kreditanstalt Fur Wiederaufbua constitute 12.54%. Another 35.48% comes from Euro and Diaspora Bond.
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