Nigeria Owe Dept Of N31 Trillion
Nigeria Owe Dept Of N31 Trillion

Nigeria Owe Dept Of N31 Trillion – DMO, The Debt Management Office, DMO has put Nigeria’s entire debt at N31trn, suggesting a N2.38 Trillion rise within three months.

According to DMO, the total public debt stock of Nigeria comprises the Federal Government’s debt fund, the 36 states and the Federal Capital Territory.

The Punch accounts for the state debt stock of the country as of 30 June 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.”

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The debt office clarified that the rise of N2.381trn or $6.593bn in debt stock was accounted for by the International Monetary Fund’s $3.36bn budget support loan, a new domestic borrowing to finance the updated 2020 Appropriation Act.

It said this included issuing the N162.557bn Sukuk, and promissory notes issued to resolve exporter claims.

The debt office said, Nigeria Owe N31 Trillion

“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.

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This, it said, and new borrowings by state governments, were also expected to increase the public debt stock.

Nigeria Owe N31 Trillion

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