The Debt Management Office (DMO) has announced an increase in the Total Public Debt of the country from the previous N87.38 Trillion to N87.91 Trillion or USD114.35 Billion.
DMO said, the amount which was recorded at the end of the third quarter of 2023, represents the Domestic and External Debts of the Federal Government of Nigeria (FGN), the thirty-six (36) State Governments, and the Federal Capital Territory.
The office said, at 87.91 Trillion, the Total Public Debt Stock represents a marginal increase of 0.61% when compared to the June 30, 2023 figure of N87.38 Trillion.
It said, the trend was 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 41.80 Trillion in the Domestic Debt.
DMO said, the 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.
According to DMO, the servicing of these Debts in addition to other Debts, are clear demonstrations of the FGN’s commitment to honouring its debt obligations.
Notwithstanding, it said, Mr President’s initiatives and actions towards revenue generation remain important for Nigeria’s overall fiscal balance.
Making further clarifications on the figures, the Office said, the increase in the Total Domestic Debt Stock between June 30, 2023, and September 30, 2023, was 3.3%.
It said, the Total Domestic Debt grew sharply between December 2022 and June 2023 due to the inclusion of the N22.719 securitised trillion Ways and Means Advances which was added to the Debt Stock in June 2023.
