Weekly Economic And Financial Commentary – July 06, 2020
Elsewhere, Nigeria’s total public debt stock declined from $84.1 billion in FY 19 to $79.3 billion at the end of Q1 2020. The decline emanated from both external and domestic debt. Domestic debt declined by 8.4% to $51.6 billion, while external debt moderated by 0.04% to $27.7 billion. The composition of external debt increased by 196bps to 34.9%, which is still far below the optimal debt composition of 60:40 for domestic and external debt as outlined in the 2016-2019 debt management strategy. However, when compared to 2015 (84:16) wherein the strategy was initiated, the strategy recorded significant progress. Notwithstanding the decline in domestic debt stock, domestic debt service only declined by 0.19% YoY to N609 billion in Q1 2020. External debt service on the
other hand increased by 32.3% YoY in Q1 2020 to $472 million.
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