Nigeria’s public debt reaches N89.71trn- DMO

In the third quarter of 2023, Nigeria’s overall public debt increased slightly, from 0.61 percent to N87.91 trillion, quarter over quarter.

New debt stock data from the Debt Management Office, which was made public on Wednesday, support this.

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

In comparison to the June 30, 2023 figure of N87.38tn, the entire public debt stock, at N87.91tn, indicates a small increase of 0.61 per cent, according to DMO. The decline in external debt, which was at $43.16 billion as of June 30, 2023, to $41.59 billion as of September 30, 2023, and the relatively mild increase in domestic debt of N1.8 trillion account for this trend.

“The $500 million Eurobond redemption and the $413.859 million principal payment of the $3.4 billion loan taken out from the International Monetary Fund in 2020 during COVID-19” are the reasons behind the drop in external debt.

It stated that the Federal Government’s commitment to upholding its financial obligations is evident in the way these debts are being serviced.