BREAKING: Nigeria’s Public Debt Hits N87.91 Trillion — DMO Report

BREAKING: Nigeria’s Public Debt Hits N87.91 Trillion — DMO Report

In a recent revelation, Nigeria’s total public debt has increased marginally by 0.61 percent quarter-on-quarter, reaching N87.91 trillion in the third quarter of 2023. This update comes from the Debt Management Office (DMO), which released the latest debt stock data on Wednesday. CONTINUE READING

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According to the data, the total external debt is reported to be N31.98 trillion, while the domestic debt amounts to N55.93 trillion during the reported period. The DMO clarified that the total public debt stock’s marginal increase is attributed to a decrease in external debt from $43.16 billion as of June 30, 2023, to $41.59 billion as of September 30, 2023, and a moderate increase of N1.8 trillion in domestic debt.

The decrease in external debt is explained by the redemption of a $500 million Eurobond and the payment of $413.859 million as the first principal payment of the $3.4 billion loan obtained from the International Monetary Fund in 2020 during the Covid-19 pandemic.

Despite the challenges posed by servicing these debts, the DMO emphasized that the Federal Government’s commitment to honoring its debt obligations is evident. As Nigeria grapples with its debt situation, this development underscores the importance of responsible debt management and fiscal discipline.

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