BY EDMOND ODOK – With raging controversy and worries over Nigeria’s current debt profile, the Debt Management Office (DMO) said that officially the nation’s total public debt figure stood at N87.91 trillion or USD114.35 billion as of September 30, 2023.
According to the DMO, “The amount represents the domestic and external debts of the Federal Government of Nigeria (FGN), the thirty-six (36) State Governments, and the Federal Capital Territory (FCT)” in the periof under review.
However, a statement by the DMO said there is nothing much to worry about because “At N887.91 trillion, the total public debt stock represents a marginal increase of 0.61% when compared to the June 30, 2023 figure of N187.38 trillion.”
In a statement titled, “Q3 2023 TOTAL PUBLIC DEBT STOCK” and dated 20th December 2023, the Agency further said; “This trend is explained by the decrease in External Debt from USD43.16 billion as of June 30, 2023, to USD41.59 billion as of September 30, 2023, and a relatively moderate increase of N1.80 trillion in domestic debt.
“External Debt decreased due to the redemption of a USD500 million Eurobond and the payment of USD413.859 million as the first principal repayment of the USD3.4 billion loan obtained from the International Monetary Fund (IMF) in 2020 during COVID-19.”
Noting that the government’s handling of its current debt situation is quite positive, the DMO explained thus; “The servicing of these debts, in addition to other debts, are clear demonstrations of the FGN’s commitment to honouring its debt obligations”.
This is as the Agency hinted that the stated figures and emerging economic challenges notwithstanding, “Mr President’s initiatives and actions towards revenue generation remain important for Nigeria’s overall fiscal balance.”
