Nigeria’s debt hits ₦31trn, increases by ₦2.3trn in 3months – DMO

The Debt Management Office, (DMO) has released Nigeria’s total public debt stock as of June 30, 2020 and reports that the country’s entire debt rounded off at ₦31trn, which indicates an increase of ₦2.38trn within a space of three months.

Gentechnews gathered that Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory (FCT).

The debt office also released reports on Nigeria’s Actual External Debt Service Payments in Second Quarter, 2020, as well as Nigeria’s External Debt Stock as of June 30, 2020.

For the country’s public debt stock as of June 30, 2020, the DMO said, “The data shows that in naira terms, the total public debt stock which comprises the debt stock of the Federal Government, the 36 state governments and the FCT stood at N31.009trn or $85.897bn.

“The corresponding figures for March 31, 2020, were ₦28.628trn or ₦79.303bn.”

The DMO explained that the increase in the debt stock by ₦2.381trn or $6.593bn was accounted for by the $3.36bn budget support loan from the International Monetary Fund,(IMF) new domestic borrowing to finance the revised 2020 Appropriation Act.

It said this includes the issuance of the ₦162.557bn Sukuk, and promissory notes issued to settle claims of exporters.