{"id":42884,"date":"2020-09-09T23:04:40","date_gmt":"2020-09-09T22:04:40","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=42884"},"modified":"2020-09-09T23:04:40","modified_gmt":"2020-09-09T22:04:40","slug":"nigerias-debt-rises-by-n2-3trn-hits-n31trn-dmo","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigerias-debt-rises-by-n2-3trn-hits-n31trn-dmo\/","title":{"rendered":"Nigeria\u2019s Debt Rises By N2.3trn, Hits N31trn \u2013 DMO"},"content":{"rendered":"

The Debt Management Office on Wednesday released Nigeria\u2019s total public debt stock as of June 30, 2020, and put the country\u2019s entire debt at N31trn, indicating an increase of N2.38trn within a space of three months.<\/p>\n

Nigeria\u2019s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory.<\/p>\n

Just as the country\u2019s public debt stock, the DMO also released reports on Nigeria\u2019s Actual External Debt Service Payments in Second Quarter, 2020, as well as Nigeria\u2019s External Debt Stock as of June 30, 2020.<\/p>\n

For the country\u2019s public debt stock as of June 30, 2020, the DMO said, \u201cThe 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.<\/p>\n

\u201cThe corresponding figures for March 31, 2020, were N28.628trn or $79.303bn.\u201d<\/p>\n

The debt office explained that the increase in the debt stock by N2.381trn or $6.593bn was accounted for by the $3.36bn budget support loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 Appropriation Act.<\/p>

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It said this includes the issuance of the N162.557bn Sukuk, and promissory notes issued to settle claims of exporters.<\/p>\n

The debt office added, \u201cThe 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.<\/p>\n

\u201cRecall that the 2020 Appropriation Act had to be revised in the face of the adverse and severe impact of COVID-19 on government\u2019s revenues and increased expenditure needs on health and economic stimulus, among others.\u201d<\/p>\n

It stated that additional promissory notes were expected to be issued in the course of the year.<\/p>\n

This, it said, and new borrowings by state governments, were also expected to increase the public debt stock.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Debt Management Office on Wednesday released Nigeria\u2019s total public debt stock as of June 30, 2020, and put the country\u2019s entire debt at N31trn, indicating an increase of N2.38trn within a space of three months.<\/p>\n","protected":false},"author":6,"featured_media":27989,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[6707],"coauthors":[2391],"class_list":["post-42884","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-debt-management-office"],"yoast_head":"\nNigeria\u2019s Debt Rises By N2.3trn, Hits N31trn \u2013 DMO - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nigerias-debt-rises-by-n2-3trn-hits-n31trn-dmo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s Debt Rises By N2.3trn, Hits N31trn \u2013 DMO - 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