•Nigerian debt problem
The Debt Management Office (DMO), yesterday revealed that Nigeria’s sovereign debt as at September 30, 2023 was N87.91 trillion or $14.35 billion.
The figure represents the domestic and external debts of the federal government, the 36 states and the Federal Capital Territory.
At N87.91 trillion, the total public debt stock represents a marginal increase of 0.61% when compared to the June 30, 2023 figure of N87.38 trillion.
This trend, the DMO noted, is explained by the decrease in external debt from $43.16 billion as at June 30, 2023 to $41.59 billion as at September 30, 2023 and a relatively moderate increase of N1.80 trillion in the domestic debt.
“External debt decreased due to a redemption of a $500 million Eurobond and the payment of $413.855 million as first principal repayment of the $3.4 billion loan obtained from the International Monetary Fund in 2020 during COVID-19.
“The servicing of these debts, in addition to other debts, are clear demonstrations of the FGN’s commitment to honouring its debt obligations. “Notwithstanding, Mr President’s initiatives and actions towards revenue generation remain important for Nigeria’s overall fiscal balance”, it added.