The Federal and State governments’ debt stock at the end of March 2020 stood at N28.63 trillion an increase of N1.23 trillion over the nation’s total debt as of December 2019. According to the figures from the National Bureau of Statistics (NBS) report
The NBS figures also show that, of the total public debt, N9.99 trillion or 34.89% of the debt was external while N18.64 trillion or 65.11% of the debt was domestic.
The total of Federal Government domestic debt was put at N14.53 trillion, representing 50.77% of the total debt portfolio as of March 2020, an increase of 1.84% over the figure as of December 2019. While the total of States and FCT domestic debt was put at N4.11 trillion, being 14.35% of the total debt portfolio as of March 2020, the figures remain flat Quarter on Quarter (QoQ).
Further dissemination of the domestic debt figures by Instrument types shows that 72.65% of the total of Federal Government domestic debt being N10.56 trillion was borrowed using FGN Bond. While Treasury Bills accounted for 18.24% and Promissory Notes accounted for 6.59%. Others including Savings Bond, Sukuk accounted for the balance.
Also, of the total States and Federal Capital Territory (FCT) domestic debt which stood at N4.11 trillion, Lagos State accounting for 10.8 percent of the debt stock while Yobe state has the least debt stock in this category with a contribution of 0.7 percent.