Nigeria: Total federation public debt reaches 21.1% of GDP as of end-March

  • Total public debt jumps 16% y/y driven by official external creditors, FGN bonds and FGN promissory notes
  • Sharp increase in total public debt also reflects 20% naira devaluation
  • Nigeria received USD 3.4bn financing from IMF; expects USD 1.5bn World Bank loan
  • Federal government sees NGN 5.6tn deficit in 2021, to be financed by new borrowing of NGN 4.7tn
  • CBN provided direct loan of NGN 2.8tn to federal government in 2020, to be converted into 30-year bond
  • Large debt service costs are major credit weakness and risk to fiscal profile

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