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 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.
“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.
“Additional promissory notes are expected to be issued in the course of the year, this, and new borrowings by state governments are also expected to increase the public debt stock.”
Source: The Cable