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Nigeria’s debt rose by N2.3trn between March and June

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Nigeria’s total debt stock increased by N2.381 trillion between March 31 and June 30, data released by the Debt Management Office (DMO).

The total public debt stock, which comprises the debt stock of the three tiers of government, stood at N31.009 trillion at the end of June 2020 compared to N28.628 trillion at the end of March 2020.

The DMO said, on Wednesday, that the increase in the debt stock was due to the $3.6 billion budget support loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 appropriation act including the issuance of the N162.557 billion Sukuk, and promissory notes issued to settle claims of exporters.

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