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BREAKING Nigeria debt hits N31trn rises by N2.38 Trillion

Nigerias debt hits N31trn

Nigeria debt hits N31trn rises by N2.38 Trillion-DMO

Debt Management Office(DMO) has announced Nigeria’s debts as it hits N31 Trillion rising by N2.38 Trillion.

According to DMO, Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory

“The data shows 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 N31.009trn or $85.897bn.

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

They further explained that the rise in debts by N2.38trn was accounted for by the $3.36bn budget support loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 Appropriation Act.

The debt office added,

“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.”

Nigeria debt hits N31trn

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Written by Ohagwa Favour

My Name is Ohagwa Onyedikachi. I Hail from Imo state and a Student of Federal University of Technology Owerri, I am a fun person and enjoy playing games at my leisure!

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