Nigeria’s Public Debt Rises By ₦2.38trn In Three Months

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’s Public increased by ₦2.381 trillion in three months, reports.

Nigeria's Public Debt Rises By ₦2.38trn In Three Months
Nigeria’s Public Debt Rises By ₦2.38trn In Three Months

The disclosure was contained in a press release by the Debt Management Office (DMO), on September 9, 2020.

The data shows that the Total Public Debt Stock which comprises the Debt Stock of the Federal Government, the 36 State Governments, and the Federal Capital Territory, increased by N2.381 trillion within 3 months when compared with the N28.628 trillion recorded on March 31, 2020.

The N2.381 trillion increase was accounted for by the $3.36 billion Budget Support Loan from the International Monetary Fund (IMF), New Domestic Borrowing to finance the Revised 2020 Appropriation Act including the issuance of the N162.557 billion Sukuk bond, and Promissory Notes issued to settle Claims of Exporters.

According to the Debt Management Office, the Public Debt Stock is expected to grow, as the balance of the New Domestic Borrowing is raised, and expected disbursement is made by the World Bank, African Development Bank, and the Islamic Development Bank, which were arranged to finance the 2020 Budget.

Additional Promissory Notes are also expected to be issued before the year ends. This and New Borrowings by State Governments are expected to increase the Public Debt Stock.

Adelowo Adegboyega
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