Nigeria’s Debt Management Office (DMO) has disclosed that the country’s total debt was N87.9 trillion in September 2023.
The debt office made this known in a statement on Wednesday, adding that the amount comprises of the Federal Government’s external debt, and those of the 36 state governments and the Federal Capital Territory, Abuja.
DMO stated that the debt stock represented a 0.61% marginal increase from that of June 30, 2023, which stood at N87.38 trillion.
The debt office said the debt stock represented 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 USD43.16 Billion as at June 30, 2023 to USD41.59 Billion as at September 30, 2023 and a relatively moderate increase of N1.80 Trillion in the Domestic Debt,” the statement read in part.
“External Debt decreased due to a redemption of a USD500 million Eurobond and the payment of USD413.859 million as first principal repayment of the USD3.4 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.” Nigeria’s DMO said.