Debt Management Office says Nigeria’s debt profile rose to N38trn in the third quarter of 2021.
DMO, in a terse statement on Tuesday, said that Nigeria’s domestic and external debt hit the new figure because of the $4bn billion Eurobonds issued by the Federal Government in September 2021.
The office said, “In line with its practice, the Debt Management Office (DMO) has published Nigeria’s total public debt as of 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 USD92.626 billion at the end of Q3 2021.”
It added that the country’s debt rose by N2.540trn “when compared to the corresponding figure of N35.465 trillion at the end of Q2 2021.
“It was largely accounted for by the USD4 billion Eurobonds issued by the Government in September 2021.
“The issuance of the USD4 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 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.”