By Victoria Adonye Ibiama
Nigeria’s total public debt reached N87.91 trillion or $114.35 billion as of September 30, 2023, according to the Debt Management Office (DMO).
This comprehensive figure encapsulates both domestic and external debts incurred by the Federal Government, the 36 state governments, and the Federal Capital Territory, Abuja.
The DMO, in a statement released on Wednesday, highlighted that this debt stock reflects a marginal increase of 0.61% compared to the June 30, 2023 figure of N87.38 trillion.
However, the statement clarified that this trend is primarily influenced by the reduction in external debt, decreasing from USD 43.16 billion on June 30, 2023, to USD 41.59 billion on September 30, 2023. Simultaneously, there was a moderate increase of N1.80 trillion in domestic debt during the same period.
The DMO attributed the decrease in external debt to the redemption of a USD 500 million Eurobond and the payment of USD 413.859 million as the first principal repayment of the USD 3.4 billion loan obtained from the International Monetary Fund in 2020 during the Covid-19 pandemic.
The debt office emphasized that servicing these debts, alongside others, underscores the Federal Government’s commitment to honoring its financial obligations.
Meanwhile, the statement equally highlighted the significance of President’s initiatives and actions towards revenue generation for Nigeria’s overall fiscal balance, despite the ongoing challenges in the economic landscape.
