N26.21 trillion recorded as of the corresponding period of 2019
The total public debt incurred by Nigeria stood at N32.22 trillion as of September 2020
The total public debt includes both External and Domestic
Nigeria’s total public debt stock as of September 2020, added by over N6 trillion in just one year. This is according to the Nigerian Domestic and Foreign Debt report, recently released by the National Bureau of Statistics (NBS).
The total public debt (External and Domestic) sustained by Nigeria stood at N32.22 trillion ($84.57 billion) as of September 2020, which represents an additional N6.01 trillion when compared to N26.21 trillion recorded as of the corresponding period of 2019.
Naijablaze.Com collected that external debts accounted for 37.82% (N12.19 trillion) of the total debt stock, while domestic debts at N20.04 trillion represented 62.18% of the total.
On the 31st of December 2020, President Buhari signed the 2021 appropriation bill of N13.59 trillion into law, which 25.7% higher than the revised 2020 budget of N10.8 trillion.
Nevertheless, the budget comes with a shortage of N5.6 trillion, which is expected to be financed mainly through borrowings both externally and domestically.
According to the minister of Finance, Budget, and National Planning, Dr. Zainab Ahmed, in a budget presentation on Tuesday, N2.34 trillion will be sourced each from domestic and foreign sources respectively, N709.69 billion from Multilateral/bilateral loan drawdowns, and N205.15 billion from privatisation proceeds.