The data from the Debt Management Office has disclosed that the debt profile of Nigeria for the second quarter stands at ₦31 Trillion.
Within the span of three months, there was an estimated 2.38 trillion increase from the ₦28.62 Trillion recorded in the first quarter of the year.
The country’s debt profile includes stocks from the Federal Government, all the states and Federal Capital Territory.
The DMO explains that the increase is due to the $3.36 billion IMF support loan and domestic borrowing to finance the 2020 Appropriation Act.
The DMO also predicts that the debt will increase with the expected borrowings from the AfDB and the World Bank.
