JUST IN: Nigeria’s debt now N31trn –DMO

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.

This according to a release by the Debt Management Office on Wednesday.

Recalls Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory.

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 30, 2020.

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Similarly 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 N28.628trn or $79.303bn,’’ said the release.

DMO explained that the increase in the debt stock by N2.381trn or $6.593bn 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.