Nigeria’s Debt Soars to N89.71 Trillion, DMO Reports

The Debt Management Office disclosed that Nigeria’s overall public debt rose to N89.71 trillion by the conclusion of the third quarter of 2023.

The figure represents a marginal increase of 0.61 percent compared to N87.38 trillion recorded at the end of June 2023.

In a statement posted on its official X handle on Thursday, the DMO said domestic debt increased by N1.8trn while external debt reduced from $43.16bn as of June 30, 2023, to $41.59bn at the end of the third quarter.

The statement read, “The Total Public Debt as at 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 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 also noted, “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.”