As if the recent mishaps occurring in the country is not enough, it has been revealed that Nigeria owes a 31-trillion debt.
The Director-General, Debt Management Office (DMO), Patience Oniha has announced that Nigeria now owes 31trillion naira as debt. DMO made this revelation on Wednesday September 9.
Oniha made this revelation with the release of Nigeria’s total public debt stock as of June 30, 2020.
It said that the country’s debt grew with an amount of 2.8 trillion naira between the space of three months
Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory.
The DMO also released reports on Nigeria’s Actual External Debt Service Payments in Second Quarter, 2020, as well as Nigeria’s External Debt Stock as of June 30, 2020.
“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.”
DMO explained that the increase in the debt stock by N2.381trn or $6.593bn 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.