Just in: Nigeria’s Debt Hits N31trillion

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Just in: Nigeria’s Debt Hits N31trillion

Just in: Nigeria's Debt Hits N31trn
Just in: Nigeria’s Debt Hits N31trillion

The Debt Management Office (DMO), on Wednesday, September 9, released Nigeria’s total public debt stock as of June 31, 2020, and put the country’s entire debt at N31.009trillion, indicating 8.3 percent rise from N28.628 trillion in March 2020.

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The figure involved the debt load of the government, the 36 state governments and the Federal Capital Territory (FCT).

The DMO, in a report yesterday, clarified that: “The expansion in the Debt Stock by N2.381 Trillion or USD6.593 billion was represented by the USD3.36 Billion Budget Support Loan from the International Monetary Fund, New Domestic Borrowing to back the Revised 2020 Appropriation Act, including the issuance of the N162.557 Billion Sukuk, and Promissory Notes gave to settle Claims of Exporters.

The DMO, in a report yesterday, explained that: “The increase in the Debt Stock by N2.381 Trillion or USD6.593 billion was accounted for by the USD3.36 Billion Budget Support Loan from the International Monetary Fund, New Domestic Borrowing to finance the Revised 2020 Appropriation Act, including the issuance of the N162.557 Billion Sukuk, and Promissory Notes issued to settle Claims of Exporters.

The DMO expects the Public Debt Stock to grow as the balance of the New Domestic Borrowing is raised and expected disbursements are made by the World Bank, African Development Bank and the Islamic Development Bank which were arranged to finance the 2020 Budget.

The 2020 Appropriation Act had to be revised in the face of the adverse and severe impact of COVID-19 on Government’s Revenues and increased expenditure needs on health and economic stimulus amongst others.

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