Nigeria’s overall public debt increased by 0.61 percent quarter on quarter in the third quarter of 2023, reaching N87.91 trillion.
This is according to fresh Debt Management Office debt stock statistics issued on Wednesday.
According to the figures released, total external debt stood at N31.98 trillion in the reporting period, while domestic debt stood at N55.93 trillion.
DMO said, “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.”
It noted that the servicing of these debts denotes a clear demonstration of the Federal Government’s commitment to honour its debt obligations.