Nigeria’s total public debt stock jumped to N87.91 trillion as at the end of the third quarter of 2023, the Debt Management Office (DMO) reported on Wednesday.
In its latest debt statistics published by the agency, the report showed that the total debt figure rose by N1.80 trillion, or 0.61 percent, from a total of N87.38 trillion recorded in June 2023 to the latest figure, which is an equivalent of $114.35 billion as at September 30, 2023.
The DMO said the amount represents the aggregate domestic and external debts portfolio of the Federal Government, the 36 States of the Federation and the Federal Capital Territory.
The rising trend, the DMO said, could be explained by the decrease in nation’s external debt, from $43.16 billion as at June 30, 2023 to $41.59 billion as at September 30, 2023 and a relatively moderate increase of N1.80 Trillion in the domestic debt.
The agency said the nation’s external debt decreased due to a redemption of a $500 million Eurobond and the payment of $413.859 million as first principal repayment of the $3.4 billion loan obtained from the International Monetary Fund (IMF) in 2020 during COVID-19 pandemic period.
“The servicing of these debts, in addition to other debts, are clear demonstrations of the FGN’s commitment to honouring its debt obligations,“ the DMO said.
Notwithstanding, the DMO said, the government’s initiatives and actions towards revenue generation remain crucial in the effort to boost Nigeria’s overall fiscal balance.
