The Debt Management Office, DMO, has on Wednesday, released Nigeria’s total public debt stock as at June 30, 2020, and put the entire debt of the country at a whopping N31 trillion, indicating an increase of N2.38 trillion, within a space of just 3 months.
Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 States, and the Federal Capital Territory, FCT.
Just as the country’s public debt stock, the DMO also released reports on Nigeria’s Actual External Debt Service Payments in the Second Quarter of 2020, as well as Nigeria’s External Debt Stock as at June 30, 2020.
For the country’s public debt stock as at 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 N31.009 trillion or $85.897 billion.
“The corresponding figures for March 31, 2020, were N28.628 trillion or $79.303 billion.”
The Debt Office explained that the increase in the debt stock by N2.381 trillion or $6.593 billion, was accounted for by the $3.36 billion budget support loan from the International Monetary Fund, IMF, new domestic borrowing to finance the revised 2020 Appropriation Act.
It said that this includes the issuance of the N162.557 billion Sukuk, and promissory notes issued to settle claims of exporters.
The Debt Office added: “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.
“Recall, that 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, among others.”
It stated that additional promissory notes were expected to be issued in the course of the year.
