Nigeria’s Public Debt Rises to N87.91trn as of September 30, 2023, Representing a Marginal Increase of 0.61%

The Debt Management Office, in a statement on Wednesday, stated that Nigeria’s total public debt as of September 30, 2023, was N87.91trn or $114.35bn.

According to the office, the amount represented domestic and external debts of the Federal Government, the 36 state governments, and the Federal Capital Territory, Abuja. The debt office said the debt stock represented a marginal increase of 0.61% compared to the June 30, 2023 figure of N87.38trn. 

As of September 30, 2023, the total External Debt was USD 41.59 Billion, which shows a significant decrease compared to the USD 43.16 Billion accumulated as of June 30, 2023. While there was a notable decrease in External Debt accumulated, it is also noteworthy to mention that there was a relatively moderate increase of N1.80 Trillion in Domestic Debt. Thus skyrocketing the country’s total public debt from N87.38trn to N87.91trn or $114.35bn.

The statement released by the DMO further explained that the External Debt decreased due to redemption of a USD 500 million Eurobond and the payment of USD 413.859 million as the first principal repayment of the USD3.4 Billion Loan obtained from the International Monetary Fund in 2020 during Covid-19. 

The office also highlighted that the servicing of these Debts, in addition to other Debts, is a clear demonstration 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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