Nigeria’s total public debt stock, including external and domestic borrowing, rose marginally by 0.61 per cent quarter-on-quarter to N87.91 trillion in the third quarter of 2023.
The Debt Management Office, DMO, disclosed this in a statement on Wednesday, saying: “At N87.91 trillion, the total public debt stock represents a marginal increase of 0.61 per cent 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 $41.59 billion as of September 30, 2023, and a relatively moderate increase of N1.8 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 payment of the $3.4 billion loan obtained from the International Monetary Fund in 2020 during COVID-19.”
DMO noted that servicing these debts denotes a clear demonstration of the Federal Government’s commitment to honour its debt obligations.
DAILY POST recalls that Nigeria’s total debt stock rose by 75 per cent in Q2 to N87.38 trillion in Q2 2023.
