In the latest revelation by the Debt Management Office (DMO), Nigeria’s total public debt experienced a marginal increase of 0.61 per cent quarter-on-quarter, reaching N87.91 trillion in the third quarter of 2023.
This announcement came as the DMO released the updated debt stock data on Wednesday.
Breaking down the figures, the data indicated that the total external debt stood at N31.98 trillion, while the domestic debt amounted to N55.93 trillion during the reported period.
The DMO highlighted that the marginal uptick in the total public debt stock could be attributed to a decrease in external debt, which fell from $43.16 billion as of June 30, 2023, to $41.59 billion as of September 30, 2023.
Simultaneously, there was a relatively moderate increase of N1.8 trillion in domestic debt.
The DMO provided insights into the reasons behind the reduction in external debt, citing the redemption of a $500 million Eurobond and the payment of $413.859 million as the initial principal installment of the $3.4 billion loan obtained from the International Monetary Fund (IMF) in 2020 during the height of the Covid-19 pandemic.
Highlighting the government’s commitment to meeting its financial obligations, the DMO emphasized that the servicing of these debts serves as a clear demonstration of the Federal Government’s dedication to honoring its debt commitments.
The report suggested that these financial maneuvers are indicative of a strategic approach to managing the country’s debt portfolio amidst evolving economic challenges.
As Nigeria navigates the economic landscape, the careful management of its debt becomes paramount, and observers will keenly watch how the government continues to balance its fiscal responsibilities with the need for economic growth and development.
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