In The Space Of 5 Years Under Buhari, Nigeria’s Debt Rises By N18.89tn – DMO

On Wednesday, the Debt Management Office announced that the Nigeria’s debt public debt hit a total of N31.01tn at the end of June, meaning that in the space of five years under the tenure of President Buhari, Nigeria’s debt rises by N18.89tn.

In a statement issued on wednesday by the DMO;

“The data show 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 N31.009tn or $85.897bn.

“The corresponding figures for March 31, 2020 were N28.628tn or $79.303bn.”

The debt office explained that the increase in the debt stock by N2.381tn or $6.59bn was accounted for by the $3.36bn budget support loan from the International Monetary Fund and new domestic borrowing to finance the revised 2020 Appropriation Act.

It said this includes the issuance of the N162.56bn Sukuk and promissory notes issued to settle claims of exporters.

The DMO further stated that;

“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.

“Recall that the 2020 Appropriation Act had to be revised in the face of the adverse and severe impact of COVID-19 on government’s revenues and increased expenditure needs on health and economic stimulus, among others.”

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