NIGERIA’s public debt rose to 2. 381 billion naira between March and June to hit 31 trillion naira, a report from the Debt Management Office (DMO) showed on Wednesday.
At the same time, the country spent $ 287,043. 07 million on debt service in the same period.
According to the report, the country’s public debt inventory, which the federal government’s debt inventory, 36 state governments, and the Federal Capital Territory as of June 30, 2020, was N31 billion or SD$85,897 billion.
This represents an accumulation of 2,381 billion nars or $6,593 billion of 28,628 billion nairas or $79,303 billion by March 31, 2020.
According to DMO, the accumulation “was due to the International Monetary Fund’s $3. 36 billion budget loan, new domestic loans to fund the revised 2020 allocations act, adding the issuance of 162. 557 million soukouks, and promissory notes issued to settle exporters’ claims. “»
While stating that the debt profile will continue to rise, the OGD said that it “expects the inventory of public debt to accumulate as the new balance of domestic debt accumulates and the expected disbursements accumulate. They are carried out through The World Bank, The Development Bank and the Islamic Development Bank were organized to finance the 2020 budget.
“We will not forget that the appropriation act for 2020 had to be revised in the face of the negative and serious effect of COVID-19 on government revenue and increased desire for spending in terms of adequacy and economic recovery,” he added. among others.
Additional notes are expected to be issued during the year, and new loans through state governments are also expected to increase public debt inventory. “
The information provided in WCO shows that Nigeria spent $287,043. 07 million on debt service between April and June. It consists of $70. 27 million in equity, $199. 8 million in interest, $13. 8 million in service fees, $78,580 in deferred interest, $207. 430 in deferred services, $615,750 in overdue price repayment, and $2. 5 million in commitment prices.
Tribune Online that Nigeria’s debt was 12,118,849,450,000 naira as of June 30, 2015.
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