On Wednesday, the Debt Management Office (DMO) disclosed that Nigeria’s total public debt had climbed to N89.71 trillion by the conclusion of the third quarter in 2023.
This figure reflects a slight uptick of 0.61 percent compared to the N87.38 trillion recorded at the end of June 2023.
In an official statement released on X, the DMO highlighted that the increase in the total public debt was attributed to a rise of N1.8 trillion in domestic debt, while external debt experienced a decrease from $43.16 billion as of June 30, 2023, to $41.59 billion by the close of the third quarter.
According to the statement, “The Total Public Debt as of September 30, 2023, was N87.91 Trillion or USD114.35 Billion. The amount represents the Domestic and External Debts of the Federal Government of Nigeria, the thirty-six State Governments, and the Federal Capital Territory.
“At N87.91 Trillion, the Total Public Debt Stock represents a marginal increase of 0.61% when compared to the June 30, 2023, figure of 87.38 Trillion.
“This trend is explained by the decrease in External Debt from USD43.16 Billion as of June 30, 2023, to USD41.59 Billion as of September 30, 2023, and a relatively moderate increase of N1.80 trillion in Domestic Debt.
“External Debt decreased due to a redemption of a USD500 million Eurobond and the payment of USD413.859 million as the first principal repayment of the USD3.4 Billion Loan obtained from the International Monetary Fund in 2020 during Covid-19.
“The servicing of these Debts, in addition to other Debts, are clear demonstrations of the FGN’s commitment to honoring its debt obligations.”
