Nigeria’s total public debt rose by N2.381 trillion (USD6.593 Billion) in the second quarter of the year (April to June). This is according to the data released by the Debt Management Office on Wednesday.
According to the DMO the total public debt stock which comprises the Debt Stock of the Federal Government, the 36 State Governments and the Federal Capital Territory stood at N31.009 Trillion or USD85.897 Billion as at 30 June 2020.
The corresponding figures as at 31 March, 2020 were N28.628 trillion or USD79.303 billion.
DMO attributed the increase to the USD3.36 Billion to Budget Support Loan from the International Monetary Fund, New Domestic Borrowing to finance the Revised 2020 Appropriation Act including the issuance of the N162.557 Billion Sukuk, and Promissory Notes issued to settle Claims of Exporters.
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Nigeria’s external debt as at 30 June 2020 stood at USD31.477 billion which represents 36.64% of the total public debt.
In multilateral category, Nigeria is most indebted to the World Bank Group to the tune of USD10.463 billion, followed by USD the International Monetary Fund (IMF) at USD3.359 billion.
In bilateral category, Nigeria is most indebted to China to the tune of USD3.241 billion, followed by France at USD403.65 million.
Nigeria’s Eurobonds as at 30 June 2020 stood at USD10.868 billion.
The total domestic debt amounted to N19.645 trillion as at 30 June 2020.
Federal Government domestic debt stock as at June 30th 2020 N15.456 trillion with FGN Bonds accounting for 72.73% (N11.241 trillion).
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.
Written by;
Ifunanya Ikueze
