Nigeria’s Debt Skyrockets to a Whopping N87.91 Trillion

Nigeria’s total public debt as of September 30, 2023 was N87.91 trillion or $114.35 billion.

This amount includes the debts of the federal government, 36 state governments, and the Federal Capital Territory.

According to a statement from the Debt Management Office, the total public debt stock has increased by 0.61% compared to the figure of N87.38 trillion on June 30, 2023.

This increase is mainly due to a slight increase of $1.80 trillion in domestic debt and a decrease in external debt from $43.16 billion on June 30, 2023, to $41.59 billion on September 30, 2023.

The country’s external debt decreased due to redeeming a $500 million Eurobond and repaying $413.859 million on the $3.4 billion loan received from the IMF during the COVID-19 pandemic in 2020.

The statement emphasises that servicing these debts, alongside other outstanding debts, demonstrates the government’s dedication to fulfilling its financial responsibilities.

However, it is still crucial for the president’s initiatives and actions to focus on generating revenue to maintain Nigeria’s overall fiscal balance.