Nigeria's Debt Profile Hits ₦31 Trillion Says DMO

Nigeria’s Debt Profile Hits ₦31 Trillion – DMO

The Debt Management Office (DMO) on Wednesday disclosed that Nigeria’s debt profile as of June 30, 2020, stood at ₦31.009 Trillion ($85.897 billion).

The corresponding figure for March 31, 2020, was ₦28.628 Trillion ($79.303 Billion).

According to the statement, the figure comprises debt stock of the Federal government, 36 states of the federation and the Federal Capital Territory.

“The increase in the Debt Stock by ₦2.381 Trillion or USD6.593 Billion was accounted for by the USD3.36 Billion Budget Support Loan from the International Monetary Fund, New Domestic Borrowing to finance the Revised 2020 Appropriation Act including the issuance of the ₦162.557 Billion Sukuk, and Promissory Notes issued to settle Claims of Exporters.

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“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.

“It will be recalled 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 amongst others.

“Additional Promissory Notes are expected to be issued in the course of the year, this, and new borrowings by State Governments are also expected to increase the Public Debt Stock”, the DMO said.

Recall that Nigeria’s debt profile as of June 30, 2015, stood at approximately ₦12.12 Trillion ($63.8 Billion).

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