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FG commits N612.712 bn to service domestic debt

…Nigeria’s public debt stocks hit N35.5trn

The Nigeria Government has committed N612.712 billion to service its domestic debt component in the first quarter of 2021, data from Debt Management Office ( DMO) confirmed on Wednesday. The sum of N219. 289 billion was paid in January while N123.093 billion and N 270.328billion were paid in February and March, respectively, it clarified.

It put Nigeria’s total Public Debt Stock at N35 . 5 trillion or as at June 30 , 2021. The debt agency said the debt figure comprised the Debt Stock of the Federal Government, the 36 state governments and the Federal Capital Territory (FCT).

The domestic debt component is N20.636 trillion (62.33%) while external debt is N12.470 trillion (37.67%). Of the sum, federal Government debt stock was put at N16.513 trillion, while the 36 states and the FCT owed N 4.122 trillion According to the DMO, the debt stock also included the N940.220 billion Promissory Notes issued to settle the inherited arrears of the federal government to State Governments, Oil Marketing Companies, Exporters and Local Contractors.

“Compared to the total public debt stock of N32.916 trillion as at December 31, 2020, the increase in the debt Stock was marginal at 0.58%,” DMO said. “Further analysis of the Public Debt Stock shows that the increase was in the Domestic Debt Stock which grew by 2.11% from N20.21 trillion in December 2020 to N20.637 trillion as at March 31, 2021. It included FGN Bonds, Nigerian Treasury Bills, Nigerian Treasury Bonds Sukuk and Green Bonds used to finance infrastructure and other capital projects, as well as, the N940.220 billion Promissory Notes.

The DMO said that the external debt stock declined from USD33.348 billion as at December 31, 2020 to USD32.86 billion (N12.470 trillion) due to the redemption by Nigeria of the $500 million Eurobond in January 2021. The Federal Government debt stock of N16.513 trillion showed that FGN Bonds was N12.465 trillion which constituted 75. 48 per cent of its total debt. Treasury Bills stood at N2.604 trillion representing 15.77 per cent; while Nigerian Treasury Bonds was N100 billion or 0. 61 per cent.

FGN Savings Bond was N14.394 billion which represented 0.09 per cent. FGN Sukuk was N 362. 557 billion, representing 2.20 per cent; while Green Bond was N25.690 billion or 0.16 per cent. Promisory Notes 940,220,353,590.00 which accounted for 5. 69 per cent.

The Promisory Notes are non-interest Notes issued to settle the arrears of the Federal Government to Local Contractors.
On Tuesday, President Muhammadu Buhari wrote to the Senate, seeking for the approval of of fresh borrowing to the tune of $4,054,476,863 and 710 million in an addendum to the 2018-2020 borrowing plan. The letter was read during plenary by the President of the Senate, Senator Ahmad Lawan .

 

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