Domestic debt service increased by 295% from Q4 2019 to ₦609 billion in Q1 2020. FGN bonds made up 80% of the domestic debt service. Total debt increased by 4% from last quarter to ₦27.4 trillion, made up of 65% domestic debt and 35% external debt.
According to the Nigerian Domestic and Foreign Debt Q1 2020 report released by the National Bureau of Statistics (NBS), Nigeria’s total public debt showed that N9.99trn or 34.89% of the debt was external while N18.64trn or 65.11% of the debt was domestic.
Of the domestic debt of N18.64 trillion, the federal government’s share alone is N14.53 trillion compared to Q4 2019 when the total domestic debt was N18.37 trillion with the federal government accounting for N14.27 trillion.
Similarly, States and FCT domestic debt was put at N4.11trillion with Lagos state accounting for 10.8% of the total domestic debt stock while Yobe State has the least debt stock in this category with a contribution of 0.7%.
Federal government’s domestic debt service for Q1 also increased to N609.13 billion compared to N254.04 billion in Q4 of 2019.
Abia State accounted for N69.63 billion of the domestic debt stock of states, Adawawa N101.58 billion, Akwa Ibom N240.03 billion, Anambra N33.91 billion, Bauchi N100.40 billion, Bayelsa N154.95 billion, Benue N116.19 billion, Borno N83.38 billion and Cross River N165.91 billion within the review period.
Others include Delta N230.75 billion, Ebonyi N42.41 billion, Edo N84.76 billion, Ekiti N77.89 billion, Enugu N62.98 billion, Gombe N82.50 billion, Imo N163.99 billion, Jigawa N36.02 billion, Kaduna N78.69 billion, Kano N107.75 billion, Katsina N66.16 billion, Kebbi N69.26 billion and Kogi N128.91 billion.
Others are Kwara N62.89 billion, Nasarawa N60.99 billion, Niger N59.83 billion, Ogun N143.53, Ondo N65.29 billion, Osun N137.30 billion, Oyo N100.59 billion, Plateau N130.72 billion, Rivers N266.93 billion, Sokoto N47.74 billion, Taraba N81.26 billion, and Zamfara N70.84 billion as well as the FCT with N106.80 billion.
