According to a statement issued by the Debt Management Office (DMO) on Wednesday in Abuja, Nigeria’s total public debt stock reached N87.91 trillion (114.35 billion USD) as of September 30.
According to the DMO, the sum reflected the Federal Government’s internal and external obligations, as well as the debts of the 36 state governments and the Federal Capital Territory (FCT).
When compared to the June number of N87.38 trillion, the overall debt stock of N87.91 trillion reflects a 0.61 percent rise.
The debt office justified this trend by reducing external debt from 43.16 billion dollars as of June 30 to 41.59 billion dollars as of September 30. It also said that the domestic debt increased very moderately by N1.80 trillion.
“External debt decreased due to a redemption of 500 million dollars Eurobond.
“It also decreased due the payment of 413.959 million dollars as first principal repayment of the N3.4 billion dollars loan obtained from the International Monetary Fund (IMF) in 2020, during Covid-19,” the DMO said.
According to DMO, the servicing of all the debts is a clear demonstration of the federal government’s commitment to honouring its debt obligations. Naira Devaluation Deepens Economic Crisis in Nigeria
It, however, said that President Bola Tinubu’s revenue generation initiatives remained important to Nigeria’s overall fiscal balance.
