The Debt Management Office has reported a surplus of N1.92bn in two years, consisting of N538.4m in2018 and N1.31bn in 2019.

Between 2018 and2019, DMO recorded a 144.1 per cent increase in profit.

This was contained in the DMO’s 2019 Annual Report, which was published on Tuesday.

Despite the increase in profit, there was a decrease in revenue generated in the two years, as DMO generated N3.88bn as revenue in 2019 compared to N4.10bn made in 2018, showing a 5.5 per cent year-on-year decline.

In 2018, the total expenditure was N3.57bn, while in 2019, it was N2.56bn.

It was also disclosed that Nigeria had fresh domestic borrowings of N802.82bn through bonds.

“New Domestic Borrowing of N802.82bn was raised during the year in full through the issuance of Federal Government of Nigeria Bonds and to a small extent Federal Government of Nigeria Savings Bond,” the report stated.

It was further disclosed that government planned to borrow a total of N1.61tn (consisting of N802.82bn new domestic borrowing and N802.82bn new external borrowing) but had to step down the new external borrowing due to inability to borrow more funds.

“N1.61tn was to be financed through New Borrowing. The New Borrowing was to be raised in equal amounts of N802.82bn from the Domestic Market and External sources.

“The new external borrowing of N802.82bn in 2019 Appropriation Act was stepped down due to the very limited time available to raise the funds and use the proceeds before the commencement of the implementation of the 2020 Appropriation Act from January 1, 2020,” the report said.

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It added that in Naira and US Dollar terms, the Public Debt grew by 12.36 per cent and 5.8 per cent respectively from 2018 to 2019.

The report added, “Nigeria’s Total Public Debt comprising the external and domestic debts of the federal and state governments, as well as, the Federal Capital Territory, was N27.40tn ($84.05bn) at December 31, 2019, when compared to N24.39tn ($79.44bn) as at December 31,2018.

“In Naira and US Dollar terms, the public debt grew by 12.36 per cent and 5.8 per cent respectively.”

It further stated that total external debt stock rose by 16.28 per cent, while total domestic debt stock rose by 10.53 per cent from 2018 to 2019.

“The total external debt stock as at December 31, 2019 was N9.02tn ($27.68bn), an increase of 16.28 per cent over the N7.76tn ($25.27bn) as at December 2018.

“Similarly, total domestic debt stock grew by 10.53 per cent to N18.38tn ($56.38bn) as at December 31, 2019 from N16.63tn ($54.16bn) in December 2018.”

The increase was attributed to debts granted to federal and state governments and the FCT, while for the new domestic borrowing, it was due to new borrowing of N802.82bn in the2019 Appropriation Act and the issuance of N578.80bn of Promissory Notes in 2019.

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