Nigeria’s Debt Hit N87.91 Trillion
By Fredrick Wright
The Debt Management Office (DMO) has estimated the total public debt as at September 30, 2023 at N87.91 Trillion or USD114.35 Billion.
DMO, in a document obtained by SlyeNews said the amount represents the Domestic and External Debts of the Federal Government of Nigeria (FGN), the 36 State Governments and the Federal Capital Territory.
According to DMO: “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 N87.38 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.
“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.
“The servicing of these debts in addition to other debts, are clear demonstrations of the FGN’s commitment to honouring its debt obligations. Notwithstanding, Mr President’s initiatives and actions towards revenue generation remain important for Nigeria’s overall fiscal balance,” it stated.
