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Sad News As Nigeria’s Total Public Debt Increases By N2.4 Trillion In Q2 2020

Posted by Thandiubani on Tue 15th Sep, 2020 - tori.ng

The debt profile of the federal government and states in Nigeria has increased in 2020.

Buhari

According to Debt Management Office (DMO), the country's total (Federal and states) public debt portfolio stood at N31.01trn as at 30th June 2020.

The report showed that N11.36trn or 36.65% of the debt was external while N19.65trn or 63.35% of the debt was domestic.

Total public debt stock increased by $6.5 billion (₦2.4 trillion) from Q1 2020 to Q2 2020, due to the increase in multilateral loans and FGN bonds.

The total States and FCT domestic debt was put at N4.19trillion with Lagos state accounting for 11.77% of the debt stock while Yobe State has the least debt stock in this category with a contribution of 0.70%.

External public debt in Q2 2020 increased to $31.5billion (₦11.4 trillion) as a result of loans from the IMF ($3.4 billion) and World Bank ($400 million).

Domestic debt stock also increased by $2.8 billion (₦1 trillion) mostly driven by an increase in FGN bonds by ₦700 billion.