Nigeria’s Total Debt Stock Hits N26.215 trn

The Debt Management Office (DMO) has revealed that Nigeria’s total public debt stock as at September 2019 stood at N26.215 trillion.

The Director-General, Debt Management Office, (DMO) Patience Oniha, who made this known at a press briefing organized by the DMO, for the release of public debt data, said in the quarter July to September 2019 the Total Public Debt grew by 2.0% as the comparative figure for June 2019 was N25.701 trillion.

According to the DMO boss, the total public debt as at September 2019 includes Promissory Notes in the amount of N821.651 billion which had been issued to settle the federal government’s arrears to oil marketing companies and state governments under the Promissory Programme approved by the Federal Executive Council (FEC) and National Assembly.

However, The DMO boss also unveiled new borrowing plans in line with the 2020 Appropriation Acts, of N850 billion and N744.99 billion for external and domestic borrowing respectively, stressing that the new domestic borrowings will be raised through FGN Bonds, SUKUK, FGN Saving Bonds and possibly Green Bonds.