Nigeria’s foreign debt drops by 2 percent
The decline in external debt to $21.592 billion was largely due to the redemption of a $500 million Eurobond which matured on July12, 2018.
The third quarter of 2018 public debt data released by the Debt Management Office (DMO) shows that Nigeria’s external debt declined, marginally, by 2.02%, while the domestic debt grew by 1.19% in the period under review.
The decline in external debt to $21.592 billion was largely due to the redemption of a $500 million Eurobond which matured on July12, 2018. Issued for a tenor of five years in 2013, it was the first Eurobond maturity for Nigeria.
According to the DMO, the ability of Nigeria to repay the Eurobond seamlessly boosted the country’s position in the international capital market.
The domestic debt stock of Nigeria grew from N15.629 trillion in June 2018 to N15.814 trillion in September 2018. The States and the Federal Capital Territory (FCT) account for N50 billion of the N185 billion increase, while N135 billion is attributed to the Federal Government.
Nigeria’s total public debt stock, comprising of the external and domestic debts of the Federal Government, the 36 States and the FCT, stood at $73.213 billion or N22.529 trillion.
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