Nigeria’s total public debt has seen a marginal increase, rising to N87.91 trillion in the third quarter of 2023, according to the Debt Management Office (DMO). This represents a 0.61% rise from the previous quarter’s figure of N87.38 trillion. The DMO’s new debt stock data for the third quarter of 2023, released on Wednesday, reveals that the total external debt stood at N31.98 trillion, while the domestic debt amounted to N55.93 trillion.
The marginal increase in the total public debt stock is attributed to the decrease in external debt from $43.16 billion as of June 30, 2023, to $41.59 billion as of September 30, 2023, coupled with a moderate increase of N1.8 trillion in domestic debt. The DMO’s report also clarified the country’s domestic debt stock, citing a sharp rise in Nigeria’s total domestic debt stock between December 2022 and June 2023. The inclusion of N22.719 trillion securitized Ways and Means advances was identified as the major factor responsible for this increase.
It’s important to note that the total domestic debt stock of N55.93 trillion previously published by the DMO was the figure for September 30 and not for December 30. The DMO sought to clarify this amidst media comments on Nigeria’s debt stock figures as of September 30, emphasizing that the increase in the total domestic debt stock between June 30 and September 30 was 3.3 percent. This information is crucial in understanding the dynamics and trends shaping Nigeria’s public debt landscape, reflecting the country’s borrowing activities and repayment patterns in the given period.
