Nigeria’s Debt Management Office (DMO) has just announced that Nigeria’s public debt hit N38.005 trillion or $92.62 billion at the end of September, 2021.
The figure comprises the total external and domestic debts of the federal government and the 36 states of the federation, the debt office said in a statement titled, ‘DMO publishes total public debt for Q3, 2021’ it put out on its website on Tuesday evening.
Nigeria recorded an increase of N2.54 trillion in its total public debt when compared to the second quarter figure of N35.46 trillion, which was largely accounted for by the $4 billion Eurobond issued by the federal government.
“In line with its practice, the Debt Management Office (DMO) has published Nigeria’s total public debt as at September 30, 2021. The data which includes the total external and domestic debts of the Federal Government of Nigeria (FGN), thirty-six (36) State Governments and the Federal Capital Territory (FCT), shows that Nigeria’s public debt was N38.005 trillion or $92.626 billion at the end of Q3 2021.
“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 $4 billion Eurobonds issued by the Government in September 2021.
“The issuance of the $4 billion Eurobonds 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.
“The triple tranche $4 billion Eurobond, issued in September 2021, was for the implementation of the New External Borrowing of $6.18 billion in the 2021 Appropriation Act,” the statement by the DMO reads.
