Nigeria’s total public debt stock increased from N28.628 trillion ($79.303 billion) as at March 31, 2020 to N31.009 trillion ($85.897 Billion) by June 30, 2020, according to latest statistics released by the Debt Management Office (DMO).

The DMO attributed the N2.381 trillion ($6.593 billion) rise in the debt stock to the $3.36 billion budget support loan from the International Monetary Fund (IMF), new domestic borrowing to finance the Revised 2020 Appropriation Act (including the issuance of the N162.557 billion Sukuk), as well as Promissory Notes issued to settle exporters’ claims.