The Debt Management Office (DMO), Wednesday, put Nigeria’s debt profile at N31.009trillion or $85.897billion as at June 31.
The figure, which comprised the debt stock of the federal government, the 36 states and the Federal Capital Territory (FCT) represents a 8.3 per cent rise from N28.628trillion or $79.303billion in March, 2020.
According to the DMO, “The increase in the Debt Stock by N2.381 Trillion or USD6.593 billion was accounted for by the USD3.36 Billion Budget Support Loan from the International Monetary Fund, New Domestic Borrowing to finance the Revised 2020 Appropriation Act, including the issuance of N162.557 Billion Sukuk, and Promissory Notes issued to settle Claims of Exporters.”
The debt office said it 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.
“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” it said.
“Additional Promissory Notes are expected to be issued in the course of the year, this, and new borrowings by State Governments are also expected to increase the Public Debt Stock”, it said.