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, stood at 31 billion nairas or SD 85,897 million.
This represents an accumulation of 2,381 billion naira or $ 6,593 billion from 28,628 billion naira or 79,303 billion dollars as of 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 affirming that the debt profile will continue to increase, the DMO 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 African Development Bank and the Islamic Development Bank. were organized to finance the 2020 budget.
“It will be recalled that the appropriations law of 2020 had to be revised due to the negative and serious effect of COVID-19 on government revenues and the greater need for adequacy spending and economic stimulus, 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.
YOU MUSTN’T MISS THESE CHIEFS OF NIGERIEN’S GRANDSTAND
What I told Trump about the accusation of a Christian bloodbath: Buhari President Muhammadu Buhari on Tuesday revealed his reaction to President Donald Trump about the U. S. leader’s accusation that the Nigerian government kills Christians, telling him that the challenge between farm animal evaluators and farmers is a cultural problem. challenge, without ethnicity or religion . . .
COMMENT: Four reasons why it is stupid to compare fuel costs in Nigeria with other countries, through Farooq Kperogi Trying to justify Buhari’s new callous increase in fuel costs (in the midst of a pandemic, no less), Buhari’s supporters look like noisy idiots trying to be low-level idiots Here are 4 reasons why it’s stupid to compare Nigeria’s fuel costs with others. . .
Welcome, log in to your account.
Recover your password.
A password will be emailed to you.