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What To Know About Nigeria’s N87.9trn Debt
What To Know About Nigeria’s N87.9trn Debt
As of September 30, 2023, the Debt Management Office (DMO) reported that Nigeria’s overall public debt stood at N87.91 trillion or $114.35 billion.
In a statement released on Wednesday, the DMO clarified that this sum encompassed both domestic and external debts incurred by the Federal Government, the 36 state governments, and the Federal Capital Territory, Abuja.
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The DMO further noted that this debt stock reflected a slight uptick of 0.61% when contrasted with the figure of N87.38 trillion reported as of June 30, 2023.
“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 partly read.
“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.”
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