As of the end of the third quarter of 2023, Nigeria’s national debt has risen to N87.91 trillion, according to the Debt Management Office (DMO).
The information was revealed in a formal statement that the DMO made public on Thursday via its official X Twitter.
The DMO reports that this amount is 0.61% higher than the N87.38 trillion that was recorded at the end of June 2023. The statement clarified that although external debt decreased from $43.16 billion as of June 30, 2023, to $41.59 billion at the end of the third quarter, the increase in overall governmental debt is ascribed to a rise in domestic debt of N1.8 trillion.
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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.”
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