The Debt Management Office (DMO) has revealed that Nigeria’s total public debt as at December 31, 2020 now stands at N32.91 trillion.
This represents an additional N6.7 trillion when compared to N26.21 trillion recorded as of the corresponding period of 2019.
According to a statement released on Monday, DMO also noted that the total public debt to Gross Domestic Product as at December 31, 2020 was 21.61 percent which is within Nigeria’s new limit of 40 percent.
“It should be noted though, that apart from the New Domestic Borrowing of N2.3 Trillion, the other New Borrowings were concessional Loans from the International Monetary Fund (USD3.34 Billion) and other multilateral and bilateral lenders,” the statement said.
“This incremental borrowing to part-finance the 2020 Budget and the additional issuance of Promissory Notes to settle some arrears of the Federal Government of Nigeria, contributed to the increase in Public Debt Stock. New Domestic Borrowings by State Governments also contributed to the growth in the Public Debt Stock.” DMO added.
Public debts include the debt stock of the Federal and State Governments, as well as, the Federal Capital Territory.