According to a report issued through the Debt Management Office (DMO) in Abuja on Wednesday, Nigeria’s overall public debt inventory reached 87. 91 trillion naira ($114. 35 billion) as of Sept. 30.
According to the DMO, this sum reflects the federal government’s internal and external obligations, as well as the debts of the 36 state governments and the Federal Capital Territory (FCT).
Compared to June’s figure of 87. 38 trillion naira, the total debt inventory of 87. 91 trillion naira reflects an increase of 0. 61 percent.
The debt office justified this trend by reducing external debt from 43.16 billion dollars as of June 30 to 41.59 billion dollars as of September 30. It also said that the domestic debt increased very moderately by N1.80 trillion.
“The external debt has been reduced thanks to the repayment of 500 million dollars in Eurobonds.
“It also decreased due to the payment of $413. 959 billion as the first principal repayment of the $3. 4 billion loan received from the International Monetary Fund (IMF) in 2020, Covid-19,” the DMO said.
According to DMO, servicing all debts is a transparent demonstration of the federal government’s commitment to meeting its debt obligations. Naira devaluation deepens Nigeria’s economic crisis
It, however, said that President Bola Tinubu’s revenue generation initiatives remained important to Nigeria’s overall fiscal balance.
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