N32.915 : Nigeria’s public debt as at Dec 31, 2020 was N32.915 trillion

Nigeria’s total public debt as at December 31, 2020 was N32.915 trillion, the Debt Management Office has said.

The figures include the debt stock of the federal and state governments, as well as, the Federal Capital Territory.

The DMO blames the rise on the COVID-19 pandemic, which it said caused the government to borrow more after years of decline in borrowings.

“It will be recalled that after Nigeria exited recession in 2017, the level of New Borrowing at the Federal Level as shown in the Annual Appropriation Acts, had been declining as part of the Government’s measures to moderate the rate of Growth in the Public Debt Stock in order to ensure debt sustainability,” it said in a statement on Monday.

“New Borrowing to part finance Budget Deficits had declined steadily from N2.36 Trillion in 2017 to: N2.01 Trillion in 2018, N1.61 Trillion in 2019 and N1.59 Trillion in the first 2020 Appropriation Act.”


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