The recent debt profile of Nigeria released by the Debt Management Office (DDMO) has revealed that Nigeria is now indebted to its creditors to the tune of N31 trillion.
According to the public debt stock figures which includes debts incurred by the Federal Government as well as the 36 States and the Federal Capital Territory, released by the DMO, the total debt of Nigeria increased by N2.8 trillion within three months as at June 30, 2020.
Excerpts from a statement released by the Debt Management Office read,
“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 corresponding figures for March 31, 2020, were N28.628trn or $79.303bn.”
The increase in the debt stock within three months was due to a $3.36 billion budget support loan from the International Monetary Fund (IMF) as well as domestic borrowing undertaken to fund the revised 2020 budget and the claims of exporters.
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More excerpts stated,
“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.”