Nigeria’s Debt Hit N87.9 Trillion By Sept 2023 – DMO

Nigeria’s total governmental debt as of September 30, 2023, according to the Debt Management Office (DMO), was N87.91 trillion, or $114.35 billion.

The Federal Government, the 36 state governments, and the Federal Capital Territory, Abuja, all owed money, according to a statement released by the DMO on Wednesday.

According to the debt office, the debt stock increased by 0.61% from the N87.38 trillion amount as of June 30, 2023.

“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 partly read.

“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.

“The servicing of these Debts in addition to other Debts, are clear demonstrations 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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