Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,193,957 members, 7,952,856 topics. Date: Thursday, 19 September 2024 at 05:50 AM

Each Nigerian Owes N157,906 As Debt Stock Rises To N33.1trn - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Each Nigerian Owes N157,906 As Debt Stock Rises To N33.1trn (158 Views)

See How Much Nigeria Owes In Bilateral Debts / Nigeria’s Total Debt Stock Rises To N24.9tr – DMO / Sunu Assurances Nigeria Plc appoints new MD/CEO as demand for stock rises (2) (3) (4)

(1) (Reply)

Each Nigerian Owes N157,906 As Debt Stock Rises To N33.1trn by Shehuyinka: 2:46pm On Jun 10, 2021
EVERY Nigerian currently owes about N157,906.30 in terms of debt per capita as the country’s total public debt hits N33.1 trillion at the end of March 2021, analysis of Nigeria's latest total public debt stock has shown.

Debt per capita is calculated as the total public debt of a country divided by the country's population. Nigeria’s population is estimated to be 209 million, according to the World Poverty Clock.

Data from the Debt Management Office (DMO) on Wednesday, June 9, showed that Africa biggest economy’s debt increased to N33.1 trillion in March 2021, from N32.91 trillion in December 2020. This means Nigeria grew its debt burden by N191 billion in the first three months of the year.

The DMO said in its press release that the country’s external debt, however, reduced due to the redemption by Nigeria of the $500 million Eurobond in January 2021.

READ ALSO:

CBN expresses worry over rising public debt, describes 0.51% GDP growth as fragile


FACT CHECK: Claim that Anambra’s debt profile is over N200bn is FALSE


Every social media platform must obtain license, pay tax – Lai Mohammed


“External Debt Stock declined from $33.348 billion as at December 31, 2020, to $32.86 billion due to the redemption by Nigeria of the $500 million Eurobond in January 2021,” it said.

The DMO said, “Total public debt stock, which comprises the debt stock of the Federal Government of Nigeria, 36 state governments and the Federal Capital Territory, stood at N33.107tn or USD87.239 billion.

“The debt stock also includes promissory notes in the sum of N940.22 billion issued to settle the inherited arrears of the FGN to state governments, oil marketing companies, exporters, and local contractors.




“Compared to the total public debt stock of N32.92 trillion as at December 31, 2020, the increase in the debt stock was marginal at 0.58 percent.”

Further analysis of the public debt stock shows that the domestic debt stock grew by 2.11 per cent, from N20.21 trillion in December 2020 to N20.637 trillion as at the end of March 31, 2021.

The Federal Government's share of the domestic debt included: FGN bonds, Sukuk and green bonds used to finance infrastructure and other capital projects, and the N940.22bn promissory notes, according to the DMO.

In January, the DMO said that the 6.75 per cent $500 million 2021 Eurobond was Nigeria’s first foray into the international capital market.

It said the Eurobond issuance enabled Nigeria to diversify its sources of funding as it successfully raised a total of $10.67 billion from the market thereafter to finance the implementation of the federal budgets.

The debt office said this also contributed to the country’s external reserves.

READ MORE HERE: https://www.icirnigeria.org/each-nigerian-owes-n157906-as-debt-stock-rises-to-n33-1trn/

Re: Each Nigerian Owes N157,906 As Debt Stock Rises To N33.1trn by eliok(m): 3:08pm On Jun 10, 2021
its ok. we know those who ruled us or was in a political office. we shall arrest them and their families and recover the money

(1) (Reply)

Local And Foreign Spices, Please Help! / Female Personal Assistant To Director Losgiddy Media Job Role / Instagram Bans Adamu Garba’s Account A Day After Google Deleted His App

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 11
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.