Nigeria’s Public Debt Stock has hit N31.009 trillion as at June 30, 2020, the Debt Management Office (DMO) said on Wednesday.

A statement issued by the Office said the data showed that in naira terms, the Total Public Debt Stock which comprises the Debt Stock of the Federal Government, the 36 State Governments and the Federal Capital Territory stood at N31.009 trillion or USD85.897 billion.

The DMO said that the corresponding figures for March 31, 2020 were N28.628 trillion or USD79.303 billion.

It added that 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 the N162.557 billion Sukuk, and Promissory Notes issued to settle Claims of Exporters.

The statement said the DMO expected the Public Debt Stock to grow as the balance of the New Domestic Borrowing was raised and expected disbursements were 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.

“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,” the DMO said.

By Kazeem Ugbodaga