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BREAKING: Nigeria’s Debt Hits N89.71trn — DMO

The Debt Management Office disclosed that Nigeria’s overall public debt rose to N89.71 trillion by the conclusion of the third quarter of 2023.

The figure represents a marginal increase of 0.61 per cent compared to N87.38 trillion recorded at the end of June 2023.

The DMO, in a statement posted on its official X handle on Thursday, said domestic debt increased by N1.8trn while external debt reduced from $43.16bn as of June 30, 2023, to $41.59bn at the end of the third quarter.

The statement read, “The Total Public Debt as at September 30, 2023, was N87.91 Trillion or USD114.35 Billion.

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“The amount represents the Domestic and External Debts of the Federal Government of Nigeria, the thirty-six State Governments, and the Federal Capital Territory.
“At N87.91 Trillion, the Total Public Debt Stock represents a marginal increase of 0.61% when compared to the June 30, 2023 figure of 87.38 Trillion.

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“This trend is 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 N1.80 trillion in the Domestic Debt.”

The statement also noted, “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.”

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“The servicing of these Debts in addition to other Debts, are clear demonstrations of the FGN’s commitment to honouring its debt obligations.”


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