TUE, APRIL 07 2020-theG&BJournal-Nigerian States and Federal Debt Stock data (total public debt portfolio ) as at 31st December 2019 stood at N27.40trn, N4 trillion more since Q1 2019 when it totalled N24.95trn.
CBN official exchange rate of US$1 to NGN326 as at December 31, 2019 was used in converting the domestic debts to USD, according to the National Bureau of Statistics (NBS) who published the latest data late on Monday.
Further disaggregation of Nigeria’s total public debt showed that N9.02trn or 31.55% of the debt was external while N18.37trn or 67.07% of the debt was domestic.
Similarly, total domestic debt was N4.11 trillion with Lagos state accounting for 10.82% of the total domestic debt stock while Yobe State has the least debt stock in this category with a contribution of 0.71% to the total domestic debt stock.
The latest data report comes on the same day that Fitch; the rating agency downgraded Nigeria’s Long-Term Foreign Currency Issuer Default Rating (IDR) to ‘B’ from ‘B+ and the outlook to negative.
Fitch also based their rating decision on the external pressures which raise the risks of disruptive macroeconomic adjustment given Nigeria’s precarious monetary and exchange rate policy setting and lack of fiscal buffers.
‘’The shock will also raise government debt and interest payment-to-revenue ratios from already particularly high levels and lead to a renewed economic recession,’’ Fitch said.
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