The Debt Management Office (DMO) has reported that Nigeria’s total public debt has risen to N89.71 trillion by the end of the third quarter of 2023.
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/2026-IDRI-Masterclass.png")
This represents a slight increase of 0.61 percent from the N87.38 trillion recorded at the end of June 2023.
According to a statement shared on its official X handle, the DMO mentioned that domestic debt saw an increase of N1.8 trillion, while external debt decreased from $43.16 billion as of June 30, 2023, to $41.59 billion at the end of the third quarter.
The statement highlighted, “The Total Public Debt as at September 30, 2023, was N87.91 Trillion or USD114.35 Billion.”
It emphasized that this amount includes the domestic and external debts of the Federal Government of Nigeria, the thirty-six State Governments, and the Federal Capital Territory.
The trend of the marginal increase in the Total Public Debt is attributed to the decrease in External Debt from USD43.16 billion as at June 30, 2023, to USD41.59 billion as at September 30, 2023, and a relatively moderate increase of N1.80 trillion in the Domestic Debt.
The statement also pointed out, “External Debt decreased due to a redemption of a USD500 million Eurobond and the payment of USD413.859 million as first principal repayment of the USD3.4 Billion Loan obtained from the International Monetary Fund in 2020 during Covid-19.”
It underlined, “The servicing of these Debts in addition to other Debts, are clear demonstrations of the FGN’s commitment to honouring its debt obligations.”
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