Nigeria’s total public debt stock stands at N31 trillion as of 30 June, according to the Debt Management Office (DMO).
The DMO revealed this alongside released reports on Nigeria’s Actual External Debt Service Payments in Second Quarter, 2020, on Wednesday.
Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory.
The released data indicate an increase of N2.38 trillion within a space of three months.
The report read: “The data shows that in naira terms, the total public debt stock which comprises the debt stock of the Federal Government, the 36 state governments and the FCT stood at N31.009trn or $85.897bn.
“The corresponding figures for March 31, 2020, were N28.628trn or $79.303bn.”
The debt office explained that the increase in the debt stock by N2.381trn or $6.593bn was accounted for by the $3.36bn budget support loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 Appropriation Act.
The report read: “The DMO expects the public debt stock to grow as the balance of the new domestic borrowing is raised and expected disbursements are made by the World Bank, African Development Bank and the Islamic Development Bank which were arranged to finance the 2020 Budget.
“Recall that the 2020 Appropriation Act had to be revised in the face of the adverse and severe impact of COVID-19 on government’s revenues and increased expenditure needs on health and economic stimulus, among others.”
The DMO stated that additional promissory notes were expected to be issued in the course of the year.
This, it said, and new borrowings by state governments, were also expected to increase the public debt stock.