Nigeria’s Debt Profile Now N31tr, Rises By N2.38trn In 3 Months

Nigeria’s total public debt profile has hit N31trn according to the latest figures released on Wednesday, 9th September 2020 by the Debt Management Office (DMO).

The figures released by the DMO comprises the debt stock of the Federal Government, the 36 states of the federation, and the Federal Capital Territory.

According to the DMO figures, Nigeria’s total public debt stock as of June 30, 2020, increased by N2.38trn ($6.593bn) to N31trn, within a space of three months.

The N31trn represents Nigeria’s total public debt figure as at June 30, 2020.

“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 DMO stated.

The increase in debt figures is explained by the budget support loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 Appropriation Act.

It said this includes the issuance of the N162.557bn Sukuk, and promissory notes issued to settle claims of exporters.