The Debt Management Office on Wednesday released Nigeria’s total public
debt stock as of June 30, 2020, and put the country’s entire debt at
N31trn, indicating an increase of N2.38trn within a space of three
months.
Nigeria’s total public debt stock includes the debt stock
of the Federal Government, the 36 states, and the Federal Capital
Territory.
Just as the country’s public debt stock, the DMO also
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.
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.”
The
debt office 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.
It said this includes the issuance of the N162.557bn 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.
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