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Nigeria’s debt profile increased by 2.15% in the fourth quarter (Q4) of 2020 to close at ₦32.92 trillion. The fourth quarter saw external debt increased by 4.26%, while domestic debt increased by 0.87%. Total external debt at the end of Q4 was ₦12.71 trillion, and domestic debt closed at ₦20.21 trillion.
Between January to May 2020, Nigeria spent ₦1.07 trillion on debt servicing. This is revealed in the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) presentation of the Minister of Finance, Budget and National Planning, Ms. Zainab Ahmed.
Nigeria owes a total of ₦28.63 trillion as public debts. This was revealed in the recently published Nigeria’s Public Debt Stock (Q1 2020) by the National Bureau of Statistics (NBS). Of this sum, a total of ₦9.99 trillion are external debts while ₦18.64 trillion are domestic. States and the Federal Capital Territory owe a total of ₦4.11 trillion. A total of ₦14,53 trillion is owed by the Federal Government alone.
The EXIM Bank of China is Nigeria’s biggest bilateral creditor in nearly 2 decades, having lent the African largest economy $6.5 billion (or N1.9 trillion) since 2002, analysis of official disclosures exclusively obtained by PREMIUM TIMES has shown.
