The total public debt stock of Nigeria has risen from N33.11 trillion as of March 31, 2021 to N35.47.trillion as of June 30, 2021.

This shows an increase of N2.36 trillion or 7.13 percent within  three months

This was disclosed by the Director General of the Debt Management Office, Patience Oniha, who provided a breakdown of the public debt stock for the second quarter of 2021.

The total external debt stock rose from N12.47 trillion as of March 31 to N13.71 trillion as of June 30, indicating an increase of N1.24 trillion or 9.94 percent.

The total domestic debt stock rose from N20.64 trillion as of March 31 to N21.75 trillion as of June 30, indicating an increase of N1.11 trillion or 5.38 percent.

The external debt stock, at the end of the second quarter in 2021, made up 38.66 percent while domestic debt stock made up 61.34 percent of the total public debt stock.

The debt to Gross Domestic Product ratio rose from 21.13 percent to 21.92 percent within the quarter. 

A breakdown of external debt stock at the end of the second quarter showed that multilateral debt (from World Bank Group and African Development Group) led the list of Nigeria’s creditors with a share of 54.88 per cent.

The second highest was commercial debt (from Eurobonds and Diaspora Bonds) with a share of 31.88 per cent.

It was followed by bilateral debts (from China, France, Japan, India and Germany) with a share of 12.70 percent. Promissory Notes had a share of 0.54 per cent.