Home Business Debt Management Office revealed that Nigeria’s debt stock increased by N2.381 trillion

Debt Management Office revealed that Nigeria’s debt stock increased by N2.381 trillion

- Advertisement -

Nigeria’s Total Public Debt Stock stood at N31.009 trillion as of June 30, 2020. The disclosure was contained in a press release by the Debt Management Office (DMO), on September 9, 2020.

The data shows that the Total Public Debt Stock which comprises the Debt Stock of the Federal Government, the 36 State Governments, and the Federal Capital Territory, increased by N2.381 trillion within 3 months when compared with the N28.628 trillion recorded on March 31, 2020.

- Advertisement -

The N2.381 trillion increase was accounted for by the $3.36 billion Budget Support Loan from the International Monetary Fund (IMF), New Domestic Borrowing to finance the Revised 2020 Appropriation Act including the issuance of the N162.557 billion Sukuk bond, and Promissory Notes issued to settle Claims of Exporters.

Backstory: It will be recalled that the 2020 Appropriation Act had to be revised due to the adverse impact of COVID-19 on the Government’s revenues, and the increased expenditure needs on health and economic stimulus amongst others.

What to expect

According to the Debt Management Office, the Public Debt Stock is expected to grow, as the balance of the New Domestic Borrowing is raised, and expected disbursement is made by the World Bank, African Development Bank, and the Islamic Development Bank, which were arranged to finance the 2020 Budget.

Additional Promissory Notes are also expected to be issued before the year ends. This and New Borrowings by State Governments are expected to increase the Public Debt Stock.

alltechng
alltechng
Technology is making life more meaningful, improves productivity... We are tech lovers...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

video

iPhone Hidden Features! The Complete List

iPhone Hidden Features! The Complete List
video

Sony Xperia 1 vs Xperia 1 II Speed Test, Speakers, Battery & Cameras!

Sony Xperia 1 vs Xperia 1 II Speed Test, Speakers, Battery & Cameras!
video

Apple Watch Series 6 hands-on

Apple Watch Series 6 hands-on...  
video

MEGA Smartphone Fails we’ll never forget

MEGA Smartphone Fails we’ll never forget
video

Google Pixel 3a vs 4a (Android 11) Speed Test, Speakers, Battery & Cameras!

Google Pixel 3a vs 4a (Android 11) Speed Test, Speakers, Battery & Cameras!
error: Alltechng Content is protected !!