Nigeria’s total public debt stock, including external and domestic borrowing, rose marginally by 0.61 per cent quarter-on-quarter to N87.91 trillion in the third quarter of 2023.
The Debt Management Office, DMO, disclosed this in a statement on Wednesday, saying:
“At N87.91 trillion, the total public debt stock represents a marginal increase of 0.61 per cent compared to the June 30, 2023 figure of N87.38 trillion.
This trend is explained by the decrease in external debt from $43.16 billion as of June 30, 2023, to $41.59 billion as of September 30, 2023, and a relatively moderate increase of N1.8 trillion in domestic debt.
“External debt decreased due to 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 COVID-19.”
DMO noted that servicing these debts denotes a clear demonstration of the Federal Government’s commitment to honour its debt obligations.
