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The Debt Management Office (DMO) has released Nigeria's debt stock data on Wednesday, Nigeria's total public debt experienced a slight uptick of 0.61 per cent quarter-on-quarter, reaching N87.91 trillion in the third quarter of 2023.
Breaking down the figures, the stock data disclosed that the total external debt stood at N31.98 trillion, while domestic debt amounted to N55.93 trillion during the reported period.
As contained in the DMO, the data explained "At N87.91 trillion, the total public debt stock represents a marginal increase of 0.61 per cent when compared to the June 30, 2023 figure of N87.38 trillion." The agency attributed this trend to a reduction in external debt, declining from $43.16 billion as of June 30, 2023, to $41.59 billion as of September 30, 2023. Additionally, there was a moderate increase of N1.8 trillion in domestic debt.
The decrease in external debt was attributed to the redemption of a $500 million Eurobond and the payment of $413.859 million as the first principal installment of the $3.4 billion loan acquired from the International Monetary Fund in 2020 during the Covid-19 pandemic.
The stock data emphasized that the diligent servicing of these debts underscores the Federal Government's steadfast commitment to fulfilling its debt obligations, showcasing financial responsibility amid economic challenges. It should be noted that the external debt has risen speedily all over the years.
