Nigeria’s debt rises by N2.3trn, hits N31trn – DMO

The Debt Management Office on Wednesday released Nigeria’s total public debt stock as of June 30, 2020, and put the country’s entire debt at N31trn, indicating an increase of N2.38trn within a space of three months.

Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory.

Just as the country’s public debt stock, the DMO also released reports on Nigeria’s Actual External Debt Service Payments in Second Quarter, 2020, as well as Nigeria’s External Debt Stock as of June 30, 2020.

For the country’s public debt stock as of June 30, 2020, the DMO said, “The data shows that in naira terms, the total public debt stock which comprises the debt stock of the Federal Government, the 36 state governments and the FCT stood at N31.009trn or $85.897bn.

“The corresponding figures for March 31, 2020, were N28.628trn or $79.303bn.”

The debt office explained that the increase in the debt stock by N2.381trn or $6.593bn was accounted for by the $3.36bn budget support loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 Appropriation Act.

It said this includes the issuance of the N162.557bn Sukuk, and promissory notes issued to settle claims of exporters.

The debt office added, “The DMO expects the public debt stock to grow as the balance of the new domestic borrowing is raised 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.

https://www.google.com/amp/s/punchng.com/breaking-nigerias-debt-rises-by-n2-3trn-hits-n31tn-dmo/%3famp=1

I beg, can I sell my citizenship?


I dey fear say the countries we dey owe go soon purchase us in full and get their receipt.

This isn't a good news ,@ allll

vision 2050

China go soon com colonize us again... Som Tin Wong with dis govt

Sell off the states that are the highest beneficiaries of these loans.

Lol..

SE would be the only region left in Nigeria

We are so behind in this 21st century

We voted for next level now

Bubu is a curse

The fool added almost 2.4trillion in just 3months to d debt profile..

He will not escape that 600years suffering, if he does, his children and those who voted him won't

"Nigeria must continue to borrow"- Usman Finance minister.
https://www.google.com/amp/s/punchng.com/why-nigeria-cant-stop-borrowing-ahmed-finance-minister/%3famp=1

When it's said that this government is a disaster, zombies call people wailers.Enjoy! Generations will be locked paying this debts.

Good luck to them with their repayment plan.

As our politicians keep stealing, our debts keep rising. The people responsible for our rising debts are the politicians and Governors e.g: Oshiomole vs Obaseki, who will woo the opposition with billions of naira to join their party so as to execute a selfish aim and actualize or frustrate impeachment attempts.
Despite all the hike in fuel prices, electricity bills and service charges, debts keeps increasing. They should collect the money from those stealing it and leave us alone.

Divide that by 200 million people: Not a lot.


We only have to pay 155, 000 each!

Why all this sad sad news today nah.....wetin happen

azmanaty02:
Buhari is a curse

What of your state governor?

A. P. C!!!


Why is everyone keeping quiet now. Next level has not even began fully.

By the time the dead ma walking is done with us all eh, you all that voted him would have quenched(in fela's voice)

Mr integrity has finished all the yam in the barn, he's now borrowed yam excess yam even when his land is no more farm worthy.


Dj play me starting something by Michael Jackson and akon, because those that want change are gonna start seeing something.

Also, give me sleeping dog by lucky dube, I need to forget about naija matters.

Too bad

Our Darling daddy has done it again & will continue to do more in the coming months ahead.

We the sane Nigerians adore you for this landmark achievement, Thank you.

signed:

Chairman, Presidential task force on Misinformation, hoax and propaganda, Nairaland Annex.

That is a whooping us$81b at an exchange rate of N380. We are gradually getting there.

The moment our income can no longer service our debts, the foreclosure starts and the country eventually winds up, just like a typical business.

When the country is fully grounded, we will now forcefully discuss our structural problem. Only then will we have a new emergence.

Quite unfortunately, many will not make it through. But those who eventually do will build the new nations that will emerge from Nigeria.

jansonn:
What's really wrong with Nigeria?? God help us please!!

Very simply: The money we generate as a nation can no longer meet our needs, so we have to borrow.

azmanaty02:
Bubu is a curse

The fool added almost 2.4trillion in just 3months to d debt profile..

He will not escape that 600years suffering, if he does, his children and those who voted him won't

Nobody borrows money for the fun of it.

Money no dey again. Our cash cow (oil) can no longer generate enough money to meet our genuine needs and our corruption. And the corruption is only going to get worse. When plenty people dey chop from one plate, na when food wan finish na im dem dey rush am pass.

Nigeria is about to be shreded to pieces by those in the corridors of power.

Save your curses bro. So far Nigerians are the ones dying, while Buhari and his family members are busy having a ball.

I think paying our debts should be one of the mandates in voting our next president.

What's really wrong with Nigeria?? God help us please!!

Damnnnnn niggarrr
Too bad

Buhari!

Buhari!!

Buhari!!! How many times I call you?

The fvck
Niggarr!!

What a mess!

Plunging the future of Nigeria into more debts, this is crazy!

I do not only have a problem with borrowing to fund capital projects, are these funds being used judiciously by the ministries?

Even if Buhari is claiming "holier than thou", I hope the ministries and other agencies are not siphoning funds like NDDC did.

Why should we keep quiet over a mans' incompetence because we wanted another lukewarm president out, when both are birds of a feather.

We must start choosing shrewd Nigerians, I mean technocrats that can save us from this mess we have plunged into.

Say no to imposing of a thief under the guise of zoning, a move that is destined to drag us into dirtier mud.

I don't know much but one thing I do know is that Buhari has been a monumental failure.

See my signature if your into sports betting jare. Let us win together with Lionsbet. Sign up now and send me a pm.

By 2023 it will be N83 Trillion. Buhari the record breaker, anything he touches is gone forever.

Where is the vulture bbq maker come and asslick your darling daddy. Zombie

Golan007:


What of your state governor?

Shut up there. Zombie

Govt of buharinomics...
He did it in 1983 and again 2020