Debt Management Office’s third quarter country debt data has revealed that Nigeria’s debt stock rose to NGN32.223 trillion in September 2020.
Nigeria’s debt stock which comprises Domestic and External Debt Stocks of the Federal Government of Nigeria (FGN), the 36 State Governments and the Federal Capital Territory (FCT) increased by NGN1.214 trillion between June 2020 and September 2020.
The data revealed that 37.82% of the total debt represents External debts, while the remaining 62.18% is Domestic debt.
It read: “Compared to the Total Public Debt Stock of N31.009 Trillion as at June 30, 2020, the Debt Stock in Q3 2020 increased by N1.214 Trillion or 3.91%.
“The FGN, State Governments and the FCT all recorded increases in their Debt Stock due to borrowings to enable them to respond appropriately to the COVID-19 Pandemic and to meet revenue shortfalls.
“Issuance of Promissory Notes by the FGN to settle inherited liabilities also contributed to the growth in the Public Debt Stock since the year 2018 when they were first issued”.
While Promissory Notes of NGN20.136 billion were issued in third quarter of 2020, as at September 30, 2020, the Promissory Notes Outstanding, which are all factored in while calculating the Domestic Debt Stock, is N971.878 Billion.