Nigeria’s debt has surged to a whopping N87.91 trillion in the third quarter of 2023, marking a significant 0.61% increase from the previous quarter, as per the Debt Management Office (DMO) report released on Wednesday.
The report outlines that the total external debt hit N31.98 trillion, while the domestic debt soared to N55.93 trillion during the reported period.
Addressing the surge, the DMO explained, “At N87.91tn, the total public debt stock represents a marginal increase of 0.61 per cent when compared to the June 30, 2023 figure of N87.38tn. This trend is explained by the decrease in external debt from $43.16bn as of June 30, 2023, to $41.59bn as of September 30, 2023 and a relatively moderate increase of N1.8tn in the domestic debt.
“External debt decreased due to a redemption of a $500m Eurobond and the payment of $413.859m as the first principal payment of the $3.4bn loan obtained from the International Monetary Fund in 2020 during Covid-19.”
DMO emphasized that the prompt servicing of these debts underscores the Federal Government’s steadfast commitment to meeting its financial obligations.
