Nigeria Economy | |
Nigeria Economy | |
588 VIEWS | |
![]() |
Monday, January
04, 2021 / 08:38 AM / by DMO / Header Image Credit: Vanguard
The Q3, 2020 Total Public Debt Stock released by the
Debt Management Office (DMO), revealed that the Total Public Debt Stock stood
at N32.223 Trillion or USD84.574 Billion.
The Debt Stock 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).
The break down of the Public Debt Stock showed that
37.82% was External, while the balance of 62.18% was Domestic.
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 respond
appropriately to the COVID-19 Pandemic and to meet revenue shortfalls.
Issuance of Promissory Notes by the FGN to settle
inherited liabilities have 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.
Related
News