Nigeria’s Total Debt grew to N87.91tn in Q3 2023- DMO

The Debt Management Office (DMO) in a recent publication has said that Nigeria’s total public debt as at September 30, 2023 was N87.91 trillion. The amount represents Domestic and External debts of the Federal Government, the thirty six (36) state governments and the Federal Capital Territory.

The Debt Management Office stated thus:

“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 N87.38 trillion.

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.

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”.

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