Nigeria’s Debt Hit N87.9trn By Sept 2023

The Debt Management Office (DMO) said Nigeria’s total public debt as at September 30, 2023 was N87.91trn or $114.35bn.

The DMO, in a statement on Wednesday, stated that the amount represented domestic and external debts of the Federal Government, the 36 state governments and the Federal Capital Territory, Abuja.

The debt office said the debt stock represented a marginal increase of 0.61% when compared to the June 30, 2023 figure of N87.38trn.

“This trend is explained by the decrease in External Debt from USD43.16 Billion as at June 30, 2023 to USD41.59 Billion as at September 30, 2023 and a relatively moderate increase of N1.80 Trillion in the Domestic Debt,” the statement partly read.

“External Debt decreased due to a redemption of a USD500 million Eurobond and the payment of USD413.859 million as 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 honouring its debt obligations. Notwithstanding, Mr President’s initiatives and actions towards revenue generation remain important for Nigeria’s overall fiscal balance.”