NBS: FG Spends N604bn on Domestic Debt Service 

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NBS: FG Spends N604bn on Domestic Debt Service 
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The National Bureau of Statistics (NBS) has disclosed that Federal government spent N604.19billion to service domestic debt between July and September (Q3) of 2020 in its reports.

The breakdown of the report revealed that the domestic debt service for Q3 2020 on NTBs was N97.64billion as against N43.63billion reported in Q3 2019, while interest on debt service of FBN bond was N488.5billion between July to September of 2020.

In addition, N9.38billion was interest on Treasury bond debt service, N365.65million on FGN saving bond and N8.28billion on FBN Sukuk as of Q3 2020.

The NBS disclosed that total debt portfolio of Nigerian States and federal government stood at N32.22trillion or $84.6billion as of third quarter ended September 30, 2020.

The “Nigerian domestic and foreign debt” report released by NBS on Wednesday stated, Nigeria’s total public debt showed that N12.19trillion or 37.82per cent of the debt was external while N20.04trillion or 62.18per cent of the debt was domestic.

The report stated that “Further disaggregation of Nigeria’s foreign debt showed that $16.74billion of the debt was multilateral; $502.38million was bilateral (AFD) and another $3.26billion bilateral from the Exim Bank of China, JICA, India, and KFW while $11.17billion was commercial which are Eurobonds and Diaspora Bonds.”

The report stated that FGN total external debt as of Q3 2020 was N12.19 trillion or $31.99billion while FGN and states & FCT total domestic debt was N20.04trillion or $52.6billion as of Q3 2020.

From the NBS report, the FGN total external debt was N8.27trillion or $26.94billion as of Q3 2019, while FGN, States and FCT domestic debt was N17.94trillion or $58.45billion as of Q3 2019.

This brings total public debt by FGN and states to N26.21trillion or $85.39billion as of Q3 2019.

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