Nigeria’s total public debt stock hit N87.91 trillion ($114.35 billion) as of September 30, according to a statement by the Debt Management Office (DMO) on Wednesday in Abuja.
The DMO said that the amount represented the domestic and external debts of the Federal Government, the 36 state governments and the Federal Capital Territory (FCT).
The N87.91 trillion total debt stock represents a marginal increase of 0.61 per cent, when compared to the June figure of N87.38 trillion.
The debt office said this trend was explained by the decrease in external debt from $43.16 billion as at June 30 to $41.59 billion as at September 30.
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It said that there was also a relatively moderate increase of N1.80 trillion in the domestic debt.
“External debt decreased due to a redemption of $500 million Eurobond.
“It also decreased due to the payment of $413.959 million as first principal repayment of the $3.4 billion loan obtained from the International Monetary Fund (IMF) in 2020, during Covid-19,” the DMO said.
According to DMO, the servicing of all the debts is a clear demonstration of Federal Government’s commitment to honouring its debt obligations.
It, however, said that President Bola Tinubu’s revenue generation initiatives remained important to Nigeria’s overall fiscal balance.
