March 19, 2021/Cowry Asset

In the just concluded week, total debt figure released by the Debt Management Office (DMO) showed that Nigeria’s total public debt stock surged by 20.12% to N32.92 trillion as at December 2020 (from N27.40 trillion as at December 2019).

The increase in the country’s total debt stock was chiefly due to a sharp rise in external debt by 40.82% to N12.71 trillion (or USD33.35 billion at N381.00/USD) as at December 2020 from N9.02 trillion (or USD27.68 billion at N326.00/USD) in December 2019 – Nigeria received USD3.54 billion worth of loan from International Monetary Fund (IMF) and additional loan of N1.43 billion from International Development Association (IDA) within the period under review.

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