Nigeria’s Debt Rises By N2.3trn, Hits N31trn – DMO

Debt Management Office on Wednesday released a statement saying Nigeria’s total public debt stock as of June 30, 2020, has hit N31trn, indicating an increase of N2.38trn within a space of three months.

Also, the DMO 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 30th, 2020.

Similarly for the country’s public debt stock as of June 30th, 2020, the DMO stated that 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 statement reads that the corresponding figures for March 31st, 2020, were N28.628trn
DMO explained that the increase in the debt stock by N2.381trn was accounted for, by the $3.36bn budget support loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 Appropriation Act.

The release said this includes the issuance of the N162.557bn Sukuk, and promissory notes issued to settle claims of exporters.

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