Nigeria’s public debt rises to N31 trillion – Nigeria’s debt profile

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    Nigeria's debt profile
    Nigeria’s debt profile

    by Bassey Udo, Premiumtimes

    Nigeria’s total public debt stock increased by about N2.38 trillion, or $6.593billion, as of June 30, the Debt Management Office (DMO) announced on Wednesday.

    The agency said in a statement in Abuja that the country’s total debt portfolio grew from about N28.628 trillion, or $79.303 billion, as of March 31 to over N31.009 trillion, or $85.897 billion, in the period under review.

    Details of the increment, the DMO said, showed about $3.36 billion came from Budget Support Loan from the International Monetary Fund (IMF), while the balance are new domestic borrowings to finance the revised 2020 Appropriation Act.

    The new domestic borrowings include a N162.557 billion Sukuk and promissory notes issued to settle claims of exporters.

    Nigeria’s debt profile: Debt Comprises of all 36 states in Nigeria

    The data showed the new debt figure comprised the debt stock of the federal government, the 36 state governments and the Federal Capital Territory.

    The total external debt stands at about N11.363 trillion, or $31.477 billion, about 35.65 per cent of the overall outlay, against total domestic debt of about N19.945 trillion, or $54.419 billion, about 63.35 per cent of the total portfolio.

    Of the total external debt stock, the federal government accounted for N9.824 trillion, or $27.214 billion (about 31.6 per cent) of external debts; and N15.456 trillion, or $42.814 billion (about 49.84 per cent) of the domestic debts.

    The states and the FCT owe about N1.539 trillion, or $4.263 billion (about 4.96 per cent) of the total external debt figure, and about N4.190 trillion, or $11.606 billion, (13.51 per cent) of the total domestic debt figure.

    The DMO said it expected the Public Debt Stock to grow from the expected disbursements by the World Bank, African Development Bank and the Islamic Development Bank arranged to finance the 2020 Budget.

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