Uche Usim, Abuja
The Debt Management Office (DMO), yesterday, released Nigeria’s public debt stock as at June 30 which stood at N31.009 trillion.
The data showed that in naira terms, total public debt stock, which comprises the debt stock of the Federal Government, the 36 states and Federal Capital Territory stood at N31.009 trillion or $85.897 billion.
“The corresponding figures for March 31, 2020 were N28.628 trillion or $79.303 billion. The increase in the debt stock by N2.381 trillion or $6.593 billion was accounted for by the $3.36 billion budget support loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 Appropriation Act, including 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”, the DMO management explained.