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Nigerian Debt Reaches N89.71 Trillion – DMO

The Debt Management Office (DMO) on Wednesday announced that Nigeria's total public debt had risen to N89.71 trillion at the end of the third quarter of 2023.

The figure represents a marginal increase of 0.61 percent compared to N87.38 trillion at end-June 2023.

The DMO, in a statement on

The statement read: “Total public debt as of September 30, 2023 stood at N87.91 trillion or $114.35 billion.

“The amount represents the domestic and external debts of the Federal Government of Nigeria, the thirty-six state governments and the Federal Capital Territory.

“At N87.91 trillion, the total public debt represents a marginal increase of 0.61% from the figure of 87.38 trillion as of June 30, 2023.

“This trend is explained by the decline in external debt from $43.16 billion as of June 30, 2023 to $41.59 billion as of September 30, 2023, and a relatively moderate increase in domestic debt of $1.80 trillion.

“External debt decreased due to the redemption of a US$500 million Eurobond and the payment of US$413.859 million as the first principal repayment of the US$3.4 billion loan issued in 2020 during Covid-19 the International Monetary Fund was obtained.

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“The repayment of these debts, among other debts, is a clear demonstration of the FGN's commitment to meeting its debt obligations.”

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