DMO: Nigeria’s total debt rises slightly in September 2023

Debt Management Office (DMO)report has reported that Nigeria’s total public debt rose slightly from N87. 38 trillion in June to N87.91 trillion at the end of September 2023

According to the report which was published by the agency on Wednesday, comprised of the domestic and external debts of the Federal Government of Nigeria 36 state governments and the Federal capital territory.

According to the DMO, the total external debt dropped from $43.16 billion in June to $41.59 billion as at September 30, 2023 and a relatively moderate increase of N1.80 trillion in the domestic debt.

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“External Debt decreased due to a redemption of a $500 million Eurobond and the payment of $413.855 million as first principal repayment of the $3.4 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,” it stated.