NIGERIA’S DEBT REACHES N87.91trn

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By Sefiu Ajape

Debt Management Office (DMO), Nigeria, has on Wednesday released new data on debt stock.

The release stated that Nigeria’s total public debt rose marginally by 0.61 per cent quarter-on-quarter to N87.91trn in the third quarter of 2023.

The data that was made public revealed that during the period under review, total external debt was N31.98 trillion, while total domestic debt was N55.93 trillion.

It further said that the Federal Government’s commitment to honoring its debt commitments is evident in the way it is servicing these debts.

The statement in full:

“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 (FGN), the thirty six (36) 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 N87.38 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 N1.80 Trillion in the Domestic Debt. 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.

“Notwithstanding, Mr President’s initiatives and actions towards revenue generation remain important for Nigeria’s overall fiscal balance.