The figure shows a 0.61 percent increase from the June 2023 figure of N87.38 trillion

Nigeria's total public debt reached N87.91 trillion by the end of the third quarter of 2023, details from the Debt Management Office (DMO) have shown.

According to the statistics published on Wednesday, this marks a 0.61 per cent increase from the June 2023 figure of N87.38 trillion.

The latest debt statistics reveal the combined domestic and external debts of the federal government, the 36 states, and the Federal Capital Territory, equivalent to $114.35 billion as of 30 September.

The debt figure is attributed to a decrease in the nation's external debt, dropping from $43.16 billion in June to $41.59 billion in September. However, there was a moderate increase of N1.80 trillion in domestic debt.

The DMO explains the reduction in external debt by citing the redemption of a $500 million Eurobond and the payment of $413.859 million as the first principal repayment of the $3.4 billion loan secured from the International Monetary Fund (IMF) in 2020 during the COVID-19 pandemic.

"The servicing of these debts, in addition to other debts, are clear demonstrations of the FGN's commitment to honouring its debt obligations," the DMO said.

While emphasising the importance of government initiatives and actions for revenue generation, the DMO noted that it is important to balance debt obligations and fiscal strategies in managing the nation's economy.