Nigeria’s total public debt stock hit N87.91tn ($114.35bn) as of September 30, a statement by the Debt Management Office in Abuja said on Wednesday.

The DMO said the amount represented the domestic and external debts of the Federal Government, the 36 states and the Federal Capital Territory (FCT).

The N87.91tn total debt stock represents a marginal increase of 0.61 per cent, when compared to the June figure of N87.38tn.

The debt office said this trend was explained by the decrease in external debt from $43.16bn as at June 30 to $41.59bn as at September 30. It said there was also a relatively moderate increase of N1.80tn in the domestic debt.

The statement noted, “External debt decreased due to a redemption of $500m Eurobond. It also decreased due the payment of $413.959m as first principal repayment of the $3.4bn loan obtained from the International Monetary Fund (IMF) in 2020 during Covid-19.”

According to the DMO, the servicing of all the debts was a clear demonstration of the Federal Government’s commitment to honouring its debt obligations. It, however, said President Bola Tinubu’s revenue generation initiatives remained important to Nigeria’s overall fiscal balance.

– Daily Trust

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