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JUST IN: Nigeria’s Debt Rises To N31trn In 3 Months

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Nigeria’s total debt has risen to N31 trillion, an 8.5 percent increase from N28.628 trillion as at the end of March 2020.

The increase was between the months of March and June 30.

This was disclosed by the Debt Management Office (DMO) on Wednesday.

The N31 trillion total national debt comprises the debt stock of the three tiers of government.

The increase, according to DMO, was due to the $3.6 billion budget support loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 appropriation act including the issuance of the N162.557 billion Sukuk, and promissory notes issued to settle claims of exporters.

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