Nigeria’s Public Debt Hit N38tn By Q3 2021 –DMO

Nigeria’s public debt has risen to N38.005 trillion or USD92.626 billion at the end of the third quarter of 2021.

The Debt Management Office (DMO) on Tuesday published Nigeria’s Total Public Debt as of September 30, 2021.

The data includes the Total External and Domestic Debts of the Federal Government of Nigeria, 36 state governments and the Federal Capital Territory (FCT).

According to the DMO in a statement, “the increase of N2.540 trillion when compared to the corresponding figure of N35.465 trillion at the end of Q2 2021 was largely accounted for by the USD4 billion Eurobonds issued by the Government in September 2021”.

The issuance of the USD4 billion Eurobonds, the DMO said, “has brought significant benefits to the economy by increasing the level of Nigeria’s External Reserves, thereby supporting the Naira Exchange Rate and providing the necessary capital to enable the Federal Government finance various projects in the Budget”.

DMO noted that “the triple tranche USD4 billion Eurobond, issued in September 2021, was for the implementation of the New External Borrowing of USD6.18 billion in the 2021 Appropriation Act”.