- Nigeria's total debt now stands at N28.63trillion, according to the National Bureau of Statistics
- According to the NBS, N9.99trn of the debt is external while N18.64trn is domestic
- The domestic debt of the states and the FCT stands at N4.11trillion with Lagos state accounting for 10.8% of the total domestic debt stock
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A report by the National Bureau of Statistics has revealed that Nigeria's total debt portfolio now stands at N28.63trillion as of Tuesday, March, 31, 2020.
The report titled Nigeria Domestic and Foreign Debt First Quarter 2020 indicates that the country’ domestic debt hits N18.64 trillion in the period under review, representing 65.11% of the entire debt profile, The Nation reports.
A breakdown of the debt portfolio shows that the N9.99trn or 34.89% of the debt is external while N18.64trn or 65.11% of the debt is domestic.
The domestic debt of the states and the FCT stands at N4.11trillion with Lagos state accounting for 10.8% of the total domestic debt stock while Yobe state has the least debt stock in this category with a contribution of 0.7%.
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Meanwhile, Legit.ng previously reported that the Centre for Democracy and Development (CDD) released a report on its assessment of Buhari's administration handling the Nigerian economy in the last five years.
The report is called Fluctuating Fortunes: A 5-year Economy Assessment under the Buhari Administration.
According to the report, the federal government borrowing has grown by more than 100% since 2015.
This is as various experts continue to warn the Buhari's government of its habitual debt accumulation since coming into office in 2015.
“Although federal government’s current debt stock of about N22 billion is less than 20 percent of the GDP, the continuous accumulation of debt appears unsustainable as servicing of the debts is already accounting for more than 60 percent of government revenue,” the CDD warned.
The wobbly shape of the economy, according to the report is further underscored by the recent downgrade in Nigeria’s credit rating by key international credit agencies (S&P and Fitch) in the first half of 2020.
It was argued that with the twin shocks resulting from global oil glut and the COVID-19 pandemic, the country’s debt burden is expected to further increase in 2020 especially if the government fails to be more decisive about its debt management policies.
The CDD also scored the Buhari administration low for job losses and the increasing poverty in the country.
5 years after, Nigerians speak about Buhari's administration | Legit TV