FX Devaluation left an imprint on total debt stock

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Recently, the Debt Management Office (DMO) published Nigeria’s total debt stock for Q2-2020. According to the report, Nigeria’s total debt stock rose 20.6% y/y and 8.3% q/q to N31.0tn ($85.9bn) as at the end of June-2020.

Also, the country’s external to domestic debt-mix stood at 36.7% (N11.4tn) and 63.3% (N19.6tn), respectively.

Notably, the strong increase in the public debt stock was driven by the devaluation of the official exchange rate from N306.0/$ to N361.0/$ as well as external and domestic borrowing used to plug the large fiscal deficit in the revised budget. In terms of debt servicing, total payments in Q2-2020 rose 42.6% y/y to N416.4bn, driven by both domestic and external debt.

Unfortunately, this suggests that debt servicing burden or debt service expenditure to revenue ratio would continue to worsen, amid weaker revenue profile and sustained pressure on the local currency. Nevertheless, recent policy adjustments including an increase in electricity tariff and moves towards full deregulation in the downstream oil sector are likely to improve the oil revenue profile of the government.

Contrariwise, a persistent rise in general prices, an increasing number of unemployed and underemployed people as well as the worsening incidence of poverty, are likely to weaken tax revenue.

Read Also:  Nigeria’s Q3-18 Job Report: Unemployment Rate Worsens, Are Nigerians More Miserable?
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United Capital Plc Research

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FX Devaluation left an imprint on total debt stock - Brand SpurFX Devaluation left an imprint on total debt stock - Brand Spur

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FX Devaluation left an imprint on total debt stock - Brand SpurFX Devaluation left an imprint on total debt stock - Brand Spur

Latest News

Greenliant Launches High Capacity 1TB microSD ArmourDrive(TM) Industrial Memory Cards

Offering Reliability, Portability and Durability at Wide Temperature Ranges

 

BEIJING, CHINA and SANTA CLARA, US - EQS Newswire - 1 March 2021 - Greenliant has expanded its ArmourDrive™ industrial memory card portfolio with the high reliability, high capacity microSD QX Series, available from 256GB to 1TB, and operating at wide temperatures (-25 to +85 degrees Celsius). See microSD ArmourDrive product information at http://bit.ly/SD-microSD.

FX Devaluation left an imprint on total debt stock - Brand Spur

High Capacity microSD ArmourDrive™ Industrial Memory Cards


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Benefits of 93 QX Series microSD ArmourDrive memory cards include:

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Availability

Greenliant will start sampling microSD ArmourDrive QX Series industrial memory cards at the end of March and expects to start production shipments in April of this year. For more information about 93 QX Series products, contact a Greenliant channel partner, https://www.greenliant.com/sales.


About Greenliant

By leveraging more than 30 years of solid state storage design expertise, Greenliant is dedicated to developing durable, reliable and secure storage solutions for embedded systems and enterprise datacenters. The company is headquartered in Silicon Valley with product development centers in Santa Clara, Beijing, Shanghai, Xiamen and Hsinchu. https://www.greenliant.com


Greenliant, the Greenliant logo and ArmourDrive are trademarks of Greenliant. All other trademarks used herein are the property of their respective owners.


FX Devaluation left an imprint on total debt stock - Brand Spur
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