By Emmanuel Nduka
Statistics from the Debt Management Office (DMO) has shown that Nigeria’s total public debt reached N87.91 trillion by the end of the third quarter of 2023.
According to the statistics published on the DMO website on Wednesday, the data marks a 0.61 per cent increase from the June 2023 figure of N87.38 trillion.
Nigeria’s latest debt statistics under President Bola Tinubu reveals the combined domestic and external debts of the Federal Government, the 36 states, and the Federal Capital Territory, equivalent to $114.35 billion as of 30 September.
The latest debt figure is attributed to a decrease in the nation’s external debt, dropping from $43.16 billion in June to $41.59 billion in September, while there was a moderate increase of N1.80 trillion in domestic debt.
According to the DMO, the reduction in external debt by citing the redemption of a $500 million Eurobond and the payment of $413.859 million as the first principal repayment of the $3.4 billion loan secured from the International Monetary Fund (IMF) in 2020 during the COVID-19 pandemic.
“The servicing of these debts, in addition to other debts, are clear demonstrations of the FGN’s commitment to honouring its debt obligations,” the DMO explained.
