Nigeria’s external debt stock (debt owed to foreign entities) has increased by N28tn due to the devaluation of the Nigerian naira against the United States dollar, findings by The PUNCH reveal.According to the latest debt profile data published by the Debt Management Office, Nigeria’s total debt stood at N87.38tn at the end of the third quarter of 2023.

The total external debt constituted N31.98tn ($41.5bn) owed to foreign entities, which included loans from financial agencies, Eurobonds, and syndicated loans, among others.