Nigeria’s debt rises 23% to N32.22 trln by Sept 2020~DMO
By Oludare Mayowa
Nigeria’s total debt stock rose 22.93 percent to N32.22 trillion at the end of the third quarter of 2020 compared with the level it was a year earlier.
The latest data from the Debt Management Office (DMO) showed that the country’s debt stock stood at N26.21 trillion at the end of the third quarter of 2019.
“The break down of the Public Debt Stock showed that 37.82 percent was External, while the balance of 62.18 percent was Domestic,” the DMO stated in a statement.
The country’s debt also rose 3.93 percent against the N31 trillion figure in the second quarter of 2020, meaning that the government increased the debt stock by N1.21 trillion in the three months to September 2020.
According to the DMO, the total debt stock is made up of the domestic and external debt
“The FGN, State Governments and the FCT all recorded increases in their Debt Stock due to borrowings to enable them respond appropriately to the COVID-19 Pandemic and to meet revenue shortfalls.
“Issuance of Promissory Notes by the FGN to settle inherited liabilities have also contributed to the growth in the Public Debt Stock since the year 2018 when they were first issued.
“While N20.136 Billion of Promissory Notes were issued in Q3, 2020, as of September 30, 2020, the Promissory Notes Outstanding, which are all included in the Domestic Debt Stock, stood at N971.878 Billion,” the DMO stated in its statement.
Breakdown of the debt stock showed that external debt stood at $31.98 billion while the domestic debt component stood at $52.58 billion.