Nigeria’s Public Debt Reaches over N87trn in Q3 – DMO

The Debt Management Office (DMO) in Abuja has disclosed that Nigeria’s total public debt stock reached N87.91 trillion as of September 30.

According to DMO, the N87.91 trillion represents the combined domestic and external debts of the federal government, the 36 state governments, and the Federal Capital Territory (FCT).

Its statement revealed that the total debt stock increased by a marginal 0.61 per cent compared to the June figure of N87.38 trillion.

The DMO attributed the trend to the decrease in external debt from $ 43.16 billion as of June 30 to $ 41.59 billion as of September 30 and a relatively moderate increase of N1.80 trillion in domestic debt.

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The dept office stressed that the servicing of all the debts was a clear demonstration of the federal government’s commitment to honoring its debt obligations.

However, it also stated that President Bola Tinubu’s revenue generation initiatives were important to Nigeria’s overall fiscal balance.