Latest Nigeria News - Latest Naija Gists

Nigeria’s debt increases to ₦32.2trillion

0
(0)

Nigeria’s debt increases to ₦32.2trillion

Nigeria’s debt increases to ₦32.2trillion

The third quarter country debt data released by Debt Management Office on Thursday, December 31 has disclosed that Nigeria’s debt stock rose to N32.223 trillion in 2020.

According to the report, the Nigeria’s debt stock which is made up of the Domestic and External Debt Stocks of the Federal Government of Nigeria (FGN), the 36 State Governments and the Federal Capital Territory (FCT) grew by 1.214 trillion between June 2020 and the end of September 2020.

[ DOWNLOAD MP3 NOW ]

The data showed that 37.82% represents External debts, while the balance of 62.18% is Domestic.

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 N20.136 Billion of Promissory Notes were issued in Q3, 2020, as at September 30, 2020, the Promissory Notes Outstanding, which are all included in the Domestic Debt Stock, stood at N971.878 Billion.

The post Nigeria’s debt increases to ₦32.2trillion appeared first on Within Nigeria.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Aminat Aigbe

Aminat Aigbe is the first lady of afronaija and a very good blogger ( Original Mrs AfroNaija )

Related Articles

Leave a Reply

Your email address will not be published.