Nigeria’s debt hits N31tr - The Nation Nigeria News

igeria’s total debt stock has risen in the last three months to N31.009 trillion , from N28.628 trillion , according to the Debt Management Office .

The N2.381trillion 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 .” 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”.

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