Nigeria’s Debt Hits N89.71 Trillion

The total public debt of Nigeria had increased to N89.71 trillion at the end of the third quarter of 2023, the Debt Management Office (DMO) reports.

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

The DMO, in a statement posted on X, 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 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 honouring its debt obligations.”