Nigeria’s public debt stood at USD 87.24 billion in the first quarter of 2021 according to a report by the National Debt Management Office (DMO). That is an increase of 10% year-on-year.
This development, it is said, can be explained, among other things, by the bond loans contracted by the Nigerian authorities on the local market in order to finance infrastructure projects over the period. Moreover, the stock is made up of 62.33% of domestic debt, and 37.67% of external debt.
As of December 31, 2020, Nigeria’s public debt stood at USD 86.5 billion according to the DMO, up 20.13% from December 31, 2019.