Nigeria’s debt increases to ₦32.2trillion

Nigeria’s debt stock rose to ?32.223 trillion in September 2020 as revealed in the third quarter country debt data released by Debt Management Office on Thursday December 31. 

Nigeria’s debt stock which is made up of the Domestic and External Debt Stocks of the Federal Government of Nigeria (FGN), the 36 State Governments and the Federal Capital Territory (FCT) grew by ?1.214 trillion between June 2020 and the end of September 2020. 

The data showed that 37.82% represents External debts, while the balance of 62.18% is Domestic.

It read; 

“Compared to the Total Public Debt Stock of N31.009 Trillion as at June 30, 2020, the Debt Stock in Q3 2020 increased by N1.214 Trillion or 3.91%.”

“The FGN, State Governments and the FCT all recorded increases in their Debt Stock due to borrowings to enable them to respond appropriately to the COVID-19 Pandemic and to meet revenue shortfalls.

“Issuance of Promissory Notes by the FGN to settle inherited liabilities 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 at September 30, 2020, the Promissory Notes Outstanding, which are all included in the Domestic Debt Stock, stood at N971.878 Billion.