DMO Puts Nigeria’s Total Public Debt at N31.009trn

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Debt Management Office (DMO) Wednesday put Nigeria’s Total Public Debt Stock at N31.009 trillion or USD85.897 billion as at June 30, 2020.

Releasing information on the Public Debt Stock, DMO said the data comprised the debt stock of the Federal Government, the 36 state governments and the Federal Capital Territory (FCT).

It would be recalled that the corresponding figures for March 31, according to DMO, were N28.628 trillion or USD79.303 billion.

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“The increase in the debt stock by N2.381 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 N162.557 Billion Sukuk, and Promissory Notes issued to settle Claims of Exporters.

“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,” read a statement by DMO.

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The agency explained that the 2020 Appropriation Act had to be revised in the face of the adverse and severe impact of the novel Coronavirus (COVID-19) pandemic 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 statement projected.

Idowu Sowunmi