How Nigeria’s Debt Hit ₦87.9trn In September 2023 – DMO

The Debt Management Office (DMO) has disclosed that Nigeria’s total public debt as at the end of September this year was ₦87.91trn or $114.35bn.

In a statement on Thursday which was obtained by Africa Today News, New York the DMO, stated that the amount represented domestic and external debts of the Federal Government, the 36 state governments and the Federal Capital Territory, Abuja.

The debt office said the debt stock represented a marginal increase of 0.61% when compared to the June 30, 2023 figure of N87.38trn.

‘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.

Read Also: DMO Warns Tinubu As Nigeria’s Debt Profile Nears ₦81tn

‘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.’

In a related development, Lateef Fagbemi who is the Attorney General of the Federation and Minister of Justice voiced concern about the escalating debt profiles of governments at all levels in the country, deeming it a peril to both the national economy and its survival.

To avert potential issues, Fagbemi pointed out that his ministry has proactively established a collaborative framework with specialized firms to assess possible areas of dispute or liability.

Fagbemi said, ‘I also need to comment on the increasingly rising debt profiles of Government at all levels, which pose serious danger and challenge to our national economy and existence as an independent nation.’

Africa Today News, New York

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