Nigeria's total public debt stock increased by about N2.38 trillion, says DMO

The Debt Management Office (DMO) on Wednesday has announced that Nigeria's total public debt stock increased by about N2.38 trillion, as of June 30, according to a news report by Premium Times.

In a statement, in Abuja, the agency said that the country's total debt portfolio grew from about N28.628 trillion, (USD 79.303) billion, as of March 31 to over N31.009 trillion, (USD 85.897) billion, in the period under review.

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

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

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 USD 31.477 billion, about 35.65 percent of the overall outlay, against the total domestic debt of about N19.945 trillion, or USD 54.419 billion, about 63.35 percent of the total portfolio.

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

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