Nigeria’s Debt Rises To ₦32.2trn- DMO

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Mr. debt

Nigeria’s debt stock rose to N32.223 trillion in the third quarter in September 2020, according to Debt Management Office’s report released on Thursday.

A debt data released by DMO shows that Nigeria’s debt stock which is made up of the Domestic and External Debt Stocks of the Federal Government of Nigeria (FGN).

The 36 State Governments and the Federal Capital Territory (FCT) grew by N1.214 trillion from June to September 2020, the report stated.

The data showed that 37.82 per represents External debts, while the balance of 62.18 per cent is Domestic.

It reads “Compared to the Total Public Debt Stock of N31.009 Trillion as at June 30, 2020, the Debt Stock in Q3 2020 increased by N1.214 trillion or 3.91 per cent.”

“The FGN, State Governments and the FCT all recorded increases in their Debt Stock due to borrowings to enable them to respond appropriately to the COVID-19 pandemic and to meet revenue shortfalls.

“Issuance of Promissory Notes by the FGN to settle inherited liabilities also contributed to the growth in the Public Debt Stock since the year 2018 when they were first issued.”

The N20.136 billion of Promissory Notes were issued in Q3, 2020, as at September 30, 2020, while the Promissory Notes Outstanding, which are all included in the Domestic Debt Stock, stood at N971.878 billion.