January 8, 2021/Cowry Assets Report

In the just concluded week, total debt figure released by the Debt Management Office (DMO) showed that Nigeria’s total public debt stock for the first nine months of 2020 increased by 17.60% to N32.22 trillion as at September 2020 (from N27.40 trillion as at December 2019).

The increase in the country’s total debt stock was chiefly due to a rise in external debt stock by 35.07% to N12.19 trillion (or USD31.99 billion at N381.00/USD) as at September 2020 from N9.02 trillion (or USD27.68 billion at N326.00/USD) in December 2019 – Nigeria received additional USD3.36 billion worth of loan from International Monetary Fund (IMF) in Q2 2020 which further increased to USD3.45 billion in Q3 2020.

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