Nigeria’s total public debt as of September 30, 2023 climbed to a record N87.91 trillion or $114.35 Billion.
The amount represents the Domestic and External Debts of the Federal Government of Nigeria (FGN), the thirty-six (36) State Governments, and the Federal Capital Territory, a press statement from the Debt Management Office indicated.
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 $43.16 Billion as of June 30, 2023 to $41.59bBillion as at September 30, 2023 and a relatively moderate increase of N1.80 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 repayment of the $3.4 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.
