The Debt Management Office (DMO) has revealed that Nigeria’s total public debt increased to ₦89.71 trillion at the end of the third quarter of 2023.
The figure represents a marginal increase of 0.61 per cent compared to ₦87.38 trillion recorded at the end of June 2023.
The DMO, in a statement posted on its official X handle on Thursday, said domestic debt increased by ₦1.8trn while external debt reduced from $43.16 billion as of June 30, 2023, to $41.59 billion at the end of the third quarter.
The statement read, “The Total Public Debt as at September 30, 2023, was ₦87.91 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 ₦87.91 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 ₦1.80 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.”
