The FGN’s domestic debt stock amounted to N15.85trillion at the recently adjusted NAFEX rate at September 2020, equivalent to 10.0 percent of 2019 GDP.
Analysis of the data obtained from the Debt Management Office (DMO) showed that it increased by N390billion over the quarter, and the stock of FGN bonds by N410billion.
The DMO had a challenging remit to raise N1.6trillion from domestic issuance as FGN deficit financing in 2020, and the bonds are by far the largest element in its programme.
Its timely data update also shows a rise of N20billion in pro-notes issued to clear arrears to oil marketers, exporters and other domestic creditors of the FGN.
The DMO indicated that the issuance of pro-notes could reach N2.7trillion, conditional upon verification of the claims.
However, total public debt reached N32.22trillion at end-September, an increase of N1.22trillion in three months, representing 22.3 percent of GDP.