The country’s outstanding domestic debt stood at ₦14,171.08 billion as at December 2019, the Central Bank of Nigeria (CBN) has said.
The CBN disclosed its 2019 Annual Activity Report released by the Financial Markets Department, CBN, and posted on its website on Friday, November 6.
The CBN said the figure represented an increase of N1,727.95 billion or 13.89 per cent, when compared to N12,443.13 billion in 2018.
According to the CBN, the total domestic debt outstanding at end-December 2019 was ₦14,171.08 billion, representing an increase of ₦1,727.95 billion or 13.89 per cent, when compared with ₦12,443.13 billion in 2018.
The increase was mainly from FGN Bonds and the addition of FGN promissory notes.
The main debt stock in 2019 are FGN Bonds ₦10,291.27 billion (72.62 per cent) and NTBs ₦2,651.51 billion (18.71 per cent).
Others are FGN Promissory Note ₦631.06 billion (4.45 per cent), FGN Special Bonds ₦232.89 billion (1.64 per cent), FGN Sukuk ₦200.00 billion (1.41 per cent), Federal Republic of Nigeria (FRN) Treasury Bonds ₦125.99 billion (0.89 per cent), FGN Green Bonds ₦25.69 billion (0.18 per cent) and FGN Saving Bonds N12.67 billion (0.09 per cent.
The cost of debt service, however, declined by 7.63 per cent to ₦1,662.49 billion, compared with ₦1,799.74 billion at the end of 2018. The decrease in the cost of debt service in 2019 was attributable to the general decline in issuance rates of FGN Bonds and NTBs.
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