The Debt Management Office (DMO) has revealed that Nigeria’s public debt has surged to N87.91 trillion at the close of the third quarter of 2023, News About Nigeria reports.
The DMO made this disclosure through an official statement posted on its X (formerly known as Twitter) handle on Wednesday, noting a slight increase of 0.61% compared to the N87.38 trillion recorded at the end of June 2023.
Breaking down the figures, the DMO said that domestic debt witnessed a notable increase of N1.8 trillion, while external debt showed a reduction from $43.16 billion as of June 30, 2023, to $41.59 billion by 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.”
The DMO explained the trend by stating that the reduction in external debt was caused by the paid-in principal amount of USD413.859 million, which was the first repayment of a USD3.4 billion loan obtained from the International Monetary Fund in 2020 during the Covid-19 pandemic, and the redemption of a USD500 million Eurobond.
“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 statement concluded, “The servicing of these Debts in addition to other Debts are clear demonstrations of the FGN’s commitment to honouring its debt obligations.”
