Nigeria’s Total Debt Inches Up to N87.91Tr in Q3 2023
By Patience Ikpeme
The latest figures released by the Debt Management Office indicate a slight uptick of 0.61% in Nigeria’s total public debt, reaching N87.91 trillion in the third quarter of 2023.
This increase, as outlined in the data, stems from a decrease in external debt and a moderate rise in domestic debt during the reported period.
Specifically, the total external debt registered at N31.98 trillion, while domestic debt reached N55.93 trillion for the same period. Notably, the reduction in external debt was attributed to the redemption of a $500 million Eurobond and the initial principal payment of $413.859 million from the $3.4 billion IMF loan secured in 2020 during the Covid-19 crisis.
Despite this marginal increase, the Debt Management Office emphasized that servicing these debts showcases the Federal Government’s unwavering commitment to meeting its financial obligations.
This reaffirms the government’s dedication to debt repayment and financial accountability.
