Nigeria’s public debt hits N38.005 trillion

The Debt Management Office (DMO) has published Nigeria’s Total Public Debt as at September 30, 2021 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).

The data shows that Nigeria’s Public Debt was N38.005 trillion or USD92.626 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 USD4 billion Eurobonds issued by the Government in September 2021.

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

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.

-VON