Nigeria’s total public debt stock as of June 30, 2020, has hit a total of N31trn, which indicates an increase of N2.38trn within a space of three months.
The Debt Management Office on Wednesday 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.
In reports released by DMO, the country’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory. a report by PUNCH said.
The DMO also added that the public debt stock will 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.
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