The Debt Management Office, DMO, announced on Wednesday that Nigeria’s total public debt had increased to N89.71 trillion at the end of the third quarter of 2023.
The figure represents a 0.61 percent increase over the N87.38 trillion recorded at the end of June 2023.
Domestic debt increased by N1.8 trillion, while external debt decreased from $43.16 billion as of June 30, 2023 to $41.59 billion at the end of the third quarter, according to a DMO statement posted on X.
“The total public debt as of September 30, 2023, was N87.91 Trillion or USD114.35 Billion,” the statement said.
“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 a 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 in Domestic Debt of N1.80 trillion.”
“During Covid-19, external debt decreased due to the 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.”
“The servicing of these Debts, along with other Debts, is a clear demonstration of the FGN’s commitment to honoring its debt obligations.”
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