The Debt Management Office (DMO) has released Nigeria’s total public debt stock as of June 30, 2020, putting the country’s entire debt at N31 trillion.
The data released on Wednesday indicated an increase of N2.38 trillion within a space of three months.
Nigeria’s total public debt stock includes the stock of the Federal Government, the 36 states, and the Federal Capital Territory (FCT).
“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 debt office said.
“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 N2.381 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.
According to DMO, this includes the issuance of the N162.557bn Sukuk, and promissory notes issued to settle claims of exporters.
The office stated that additional promissory notes are expected to be issued in the course of the year. It projected that new borrowings by state governments are also expected to increase the public debt stock.
“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 added.