The Debt Management Office (DMO) has announced that Nigeria’s public debt has climbed to N87.91 trillion at the conclusion of the third quarter of 2023.
The disclosure was made in an official statement released by the DMO via its official X handle on Thursday.
According to the DMO, this figure represents a slight uptick of 0.61% compared to the N87.38 trillion recorded at the close of June 2023. The statement elaborated that the increase in total public debt is attributed to a rise of N1.8 trillion in domestic debt, while external debt has seen a reduction from $43.16 billion as of June 30, 2023, to $41.59 billion at the end of the third quarter.
READ MORE: Anambra: LP Lawmaker Replaces Sacked PDP Member
The statement clarified, “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.”
“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 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.”
The statement further highlighted, “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.” #Nigeria