Nigeria’s External Debt Declines By 2%

Nigeria’s external debt declined marginally by 2.02 percent to $21.6 billion in the third quarter of 2018, Q3’18, from $22.1 billion recorded in the second quarter 2018, Q2’18, almost cancelling out the 1.2 percent rise in domestic debt recorded during the quarter, Q3’18.

Consequently, the nation’s total debt stock which stood at $73.2 billion, or N22.4 trillion, recorded almost no change as at end September.

The decrease in the external component was ascribed to the redemption of a $500 million Eurobond which matured on July 12, 2018.

The Debt Management Office (DMO) disclosed this recently in a statement released on its website.

The DMO stated that the domestic debt of the federal government, states and the Federal Capital Territory (FCT) grew by 1.2 percent or N185 billion to N15.8 trillion in September 2018 from N15.6 trillion in June 2018.

The increase, it noted, was due to the FGN N135 billion, and states and FCT N50 billion.

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