x

Nigeria’s debt hits N31trn

Nigeria’s total debt stock has risen in the last three months to N31.009 trillion ($85.897 billion), from N28.628 trillion ($79.303billion), according to the Debt Management Office (DMO).

Nigeria’s debt

DMO yesterday in Abuja new total debt figure comprises the debt stock of the Federal Government, the 36 states and the Federal Capital Territory (FCT).

The N2.381trillion (or $6.593 billion) increase recorded in the debt Stock, the DMO said, “was accounted for by the $3.36 billion Budget Support Loan from the International Monetary Fund (IMF).”

Other contributors to the nation’s growing debt profile include “New Domestic Borrowing to finance the Revised 2020 Appropriation Act, the issuance of the N162.557 billion Sukuk and Promissory Notes issued to settle Claims of Exporters”.

The DMO has also warned that it expects the Public Debt Stock to grow. “The nation’s debt will grow because of “the balance of the New Domestic Borrowing 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”.

The DMO said more Promissory Notes would be issued later, adding: “This and new borrowings by state governments are also expected to increase the Public Debt Stock”.

It will be recalled 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, amongst others.

As a result of these borrowings from multilateral financial institutions, the federal government will be compelled to meet some stringent conditionality like the removal petroleum products subsidy, adjusted electricity tariffs, currency value adjustments and the IMF auditing of the books of the Central Bank of Nigeria (CBN).

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Retired Police Officers Set for Nationwide Protest Over Pension Scheme

By Idibia Gabriel, Kaduna The Kaduna State chapter of the...

NUJ Info Chapel Hosts Workshop, Hails Commissioner, Council Leadership

By Amgbare Ekaunkumo, Yenagoa The Bayelsa State Commissioner for Information,...

Tinubu Appoints Ismael Ahmed as Executive Chairman of Presidential CNG Initiative

President Bola Ahmed Tinubu has appointed Barrister Ismael Ahmed...

Alleged ₦80.2bn Fraud: EFCC Kicks as Yahaya Bello Seeks Medical Travel Abroad

By Gabriel Udeh The Economic and Financial Crimes Commission, EFCC,...

Why we’re raising concerns over alleged contract scam at NNPCL – Coalition

President Bola Tinubu has been asked to terminate the...

Tinubu Assures Abuja Residents, No More ” One Chance” Attacks

By Joyce Remi-Babayeju President Bola Tinubu has assured Abuja residents...

INEC Sets August 16 for Bye-Elections in 12 States, Resumes Voter Registration

The Independent National Electoral Commission (INEC) has announced August...

Tinubu Hosts Fubara, Wike, Rivers Lawmakers in Fresh Push for Peace

President Bola Tinubu on Thursday convened a closed-door meeting...
spot_img

Related Articles

Popular Categories

spot_imgspot_img