Nigeria’s total debt stock up to N28.6 trln in Q1 vs N27.4 Trln in 2019 ~DMO
Nigeria’s total debt stock stood at N28.62 trillion at the end of the first quarter of 2020, compared with N27.40 trillion at the end of last year, the Debt Management Office has disclosed.
The external loan component of the total debt stock, however, remains unchanged at $27.67 billion it was at the end of last year.
This means, between December 2019 and March 2020, Nigeria did not obtain any external loans to finance its budget gap, but accumulated more local debt.
Also, analysis of the total debt stock showed that exchange rate adjustment from N307 to N361 per dollar in March by the Central bank of Nigeria (CBN) added to the increase in the total outstanding debt figure.
The Debt office in a statement said the $3.12 billion facilities from china accounted for 11.28 percent of the nation’s total external loans.
However, the country’s external loan figure is expected to jump by $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)