Recently released data by Nigeria’s Debt Management Office (DMO) reveals a slight rise in the country’s total public debt, reaching N87.91 trillion in the third quarter of 2023.
This represents a small 0.61% increase compared to the previous quarter’s N87.38 trillion.
Breaking it down, the external debt amounted to N31.98 trillion, while the domestic debt was N55.93 trillion for the same period.
The overall increase in debt was influenced by a drop in external debt, declining from $43.16 billion to $41.59 billion between June 30, 2023, and September 30, 2023.
Conversely, domestic debt saw a moderate rise of N1.8 trillion during this period.
The reduction in external debt was due to paying off a $500 million Eurobond and an initial payment of $413.859 million as part of the principal repayment on a $3.4 billion loan obtained from the International Monetary Fund during the COVID-19 pandemic in 2020.
The DMO stressed that consistently servicing these debts showcased the Federal Government’s dedication to meeting its financial responsibilities.
