Nigeria’s total debt hits N31trn in 3 months, DMO

Nigeria’s total debt hits N31trn in 3 months, DMO

- Nigeria's total debt stock has risen to N31.009 trillion, according to the Debt Management Office

- According to DMO, the figure is made up of the debt stock of the federal government, all the 36 states, and the FCT

- Giving details of the federal government’s domestic debt stock in a report, DMO explained the figure could rise further

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A report by the Debt Management Office (DMO) on Wednesday, September 9, has revealed that as at June 31, 2020, Nigeria's total public debt stock rose from N28.628 trillion in March to N31.009 trillion ($85.897 billion).

The figure representing 8.3% rise consists of both the federal government debt stock, that of the 36 states and the Federal Capital Territory (FCT), Vanguard reports.

A breakdown from the report on Tuesday, September 8, noted that the increase 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, and the issuance of the N162.557 Billion Sukuk, and Promissory Notes issued to settle claims of exporters.

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According to DMO, the figure could rise further when the balance of the new borrowing is raised for the implementation of the budget.

Nigeria’s total debt hits N31trn in 3 months, DMO
Nigeria’s total public debt stock rose from N28.628 trillion to N31.009 trillion. Photo Credit: Femi Adesina
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It would be recalled that President Muhammadu Buhari said Nigeria’s revenues and foreign exchange earnings have fallen by almost 60% since the coronavirus pandemic.

The Nigerian leader disclosed this in his remarks on Monday, September 7, at the first-year ministerial performance review retreat which was delivered by Vice President Yemi Osinbajo at the State House in Abuja.

According to Buhari, the pandemic has resulted in trying times for the government not just for the people.

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Earlier, reported that the National Bureau of Statistics (NBS) revealed that Nigeria's total debt portfolio now stands at N28.63trillion as of Tuesday, March, 31, 2020.

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The report titled Nigeria Domestic and Foreign Debt First Quarter 2020 indicates that the country’ domestic debt hits N18.64 trillion in the period under review, representing 65.11% of the entire debt profile.

The debt portfolio shows that the N9.99trn or 34.89% of the debt is external while N18.64trn or 65.11% of the debt is domestic.

The domestic debt of the states and the FCT stands at N4.11trillion with Lagos state accounting for 10.8% of the total domestic debt stock while Yobe state has the least debt stock in this category with a contribution of 0.7%.

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