The Debt Management Office (DMO) reported that Nigeria’s total public debt reached N87.91 trillion or $114.35 billion as of September 30, 2023.
This amount encompasses the domestic and external debts of the Federal Government, the 36 state governments, and the Federal Capital Territory, Abuja.
According to the DMO’s statement on Wednesday, this debt stock indicates a marginal increase of 0.61% compared to the June 30, 2023 figure of N87.38 trillion.
The trend is attributed to a decrease in external debt from USD 43.16 billion as of June 30, 2023, to USD 41.59 billion as of September 30, 2023. There was also a relatively moderate increase of N1.80 trillion in domestic debt.
The statement highlighted that the reduction in external debt was influenced by the redemption of a USD 500 million Eurobond and the payment of USD 413.859 million as the first principal repayment of the USD 3.4 billion loan obtained from the International Monetary Fund in 2020 during the Covid-19 pandemic.
The DMO emphasized that servicing these debts, along with others, demonstrates the Federal Government of Nigeria’s commitment to honoring its debt obligations.
It also acknowledged the importance of President’s initiatives and actions toward revenue generation for Nigeria’s overall fiscal balance.
