Nigeria’s total debt stock rises 4.45% in March to N28.6 trln ~debt office
Nigeria’s total public debt rose to N28.62 trillion at the end of March 2020, from N27.40 trillion at the end of last year, the Debt Management Office (DMO) said on Friday.
The debt office in a statement posted on its website said the external component of the debt stock also rose to N9.98 trillion against N9.02 trillion in December last year.
Also, the country’s borrowing from the domestic market rose to N18.64 trillion compared with 18.37 billion as of the last quarter of last year.
The twist in the debt stock report is that the country’s external debt position remains slightly unchanged at $27.66 billion from $27.67 billion. However, the debt rose on local currency equivalent due to the adjustment made to the naira exchange rate in March by the Central Bank of Nigeria.
In the first three months of the year, the country has not raised any money from the external source.
The DMO used the Central Bank of Nigeria (CBN) official exchange rate of N361 per dollar in converting the external debt to Naira, while as of December last year, the debt office used the official rate of N326 to the dollar rate for its conversion.
However, the country’s external loan figure is expected to jump by as much as $5.51 billion at the end of the year as already Nigeria secured $3.4 billion facilities from the International Monetary Fund (IMF) in May and $500 million from the African Development Bank.
The country is also looking forward to securing approval for a $1.5 billion loans from the World Bank and an additional $113,000 facilities from the Islamic Development Bank (IDB). #GFD