President Muhammadu Buhari’s administration has incurred a lot of debt since it came into power in May 2015.
Official data indicate that total debt grew from N12.118 trillion in May 2015, to N12.6 trillion in December 2015, N17.36 trillion in 2016, N21.725 trillion in 2017, N24.387 trillion in 2018 and N27.401 trillion in 2019.
Nigeria’s debt stood at ₦31.009 Trillion or USD85.897 Billion as of June 30, 2020. The corresponding figures for March 31, 2020, were ₦28.628 Trillion or USD79.303 Billion.
The increase in the Debt Stock by ₦2.381 Trillion or USD6.593 Billion was accounted for by the USD3.36 Billion Budget Support Loan from the International Monetary Fund, New Domestic Borrowing to finance the Revised 2020 Appropriation Act including the issuance of the ₦162.557 Billion Sukuk, and Promissory Notes issued to settle Claims of Exporters.