The Debt Management Office (DMO) has said that Nigeria’s total debt stock rose to N31.01 trillion as of June 2020, from N28.6 trillion reported in March.
It would be recalled that as of the end of June 2015, one month after President Muhammadu Buhari was sworn in, the country’s debt profile stood at N12.12 trillion.
The figure shows that within five years – from 2015 — the country’s debt stock has risen by N18.89 trillion (155.86 per cent).
According to the periodic data released yesterday, the DMO said “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 $85.897 billion.
“The corresponding figures for March 31, 2020, were N28.628 trillion or $79.303 billion.
“The increase in debt stock was accounted for by the USD3.36 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, and promissory notes issued to settle claims of exporters.
“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.”
A breakdown shows that the federal government’s domestic debt stock as of June 30, 2020 stood at N15, 455, 699, 131, 531.00).
This comprises debts arising from Nigerian treasury bills, Nigerian treasury bonds, FGN Savings Bond, FGN Sukuk, green bond, and promissory notes.
The 36 states of the federation and the FCT also accounted for a domestic debt of N4, 189, 699, 078, 909.01 during the period under review.
Foreign debt component as of June 30, 2020, was $31.477 billion while domestic debt accounted for $54.419 billion of the total public debt of $85.897 billion (in dollar terms).
The DMO statistics also showed that Lagos State with a total domestic debt of N493. 318 billion is the most indebted state in the country, followed by Rivers with N266.936 billion (N266, 936, 225.79) Akwa Ibom and Delta with N239. 209 billion (N239, 209, 746, 919.94) and N235, 860 billion (N235, 860, 479, 518.82) respectively.
