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FG, 36 states, FCT debts now N31trn – DMO

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FG, 36 states, FCT debts now N31trn – DMO

The Debt Management Office on Wednesday put the Nigeria’s debt at N31 trillion, an increase of N2.38 trillion in three months. It said the Nigeria’s total public debt stock as at June 30, 2020, includes that of the Federal Government, the 36 states, and the Federal Capital Territory.

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.

It stated: “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 it includes the issuance of the N162.557 billion Sukuk, and promissory notes issued to settle claims of exporters. “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 explained. It announced that additional promissory notes would be issued during the current year.

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