- Nigeria’s total public debt reaches N87.91tn ($114.35bn), reflecting a marginal 0.61% increase, with factors including a decrease in external debt
- Debt Management Office attributes changes to the redemption of a $500m Eurobond and IMF loan repayment amid fiscal considerations
Nigeria’s total public debt has surged to N87.91tn ($114.35bn), according to a statement released by the Debt Management Office (DMO) in Abuja on Wednesday.
This amount encompasses both domestic and external debts incurred by the Federal Government, the 36 states, and the Federal Capital Territory (FCT). The N87.91tn total debt stock reflects a marginal increase of 0.61% compared to the June figure of N87.38tn.
The DMO attributed this trend to the decrease in external debt from $43.16bn on June 30 to $41.59bn on September 30. Simultaneously, there was a relatively moderate increase of N1.80tn in domestic debt.
Explaining the factors behind the changes, the DMO stated, “External debt decreased due to the redemption of $500m Eurobond. It also decreased due to the payment of $413.959m as the first principal repayment of the $3.4bn loan obtained from the International Monetary Fund (IMF) in 2020 during Covid-19.”
The statement underscored that the servicing of all debts reflects the Federal Government’s commitment to honoring its obligations. However, it emphasized the significance of President Bola Tinubu’s revenue generation initiatives for Nigeria’s overall fiscal balance. The data highlights the challenges and considerations associated with managing the country’s debt portfolio.
Federal Government Forms Committee to Enhance Consumer Credit System
The Presidential Council on Industrial Revitalization has announced the establishment of a Technical Working Group tasked with developing a comprehensive framework to improve consumer credit in Nigeria.
In a statement released by the media unit of the Minister of Industry, Trade, and Investment in Abuja, the committee aims to facilitate seamless access to credit for Nigerians and enhance the overall consumer landscape.
Dr. Doris Uzoka-Anite, the trade minister, highlighted the critical role of an efficient consumer credit system in successful economies. She emphasized that such a system boosts market efficiencies and addresses gaps in consumption and productivity by providing immediate credit access to consumers, allowing them to make purchases ahead of their financial ability.
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