Nigeria’s public debt increases by N2.5tn to N38tn

December 15, 2021
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Ms. Patience Oniha, DG, DMO

Nigeria’s public debt has added N2.54 trillion to stand at N38.005 trillion ($92.626 billion) in the third quarter of 202, ending September 30, from from N35.465 trillion in the second quarter (June 30), according to figures from the Debt Management Office (DMO).

Statistics from the agency indicate that the debt comprises total external and domestic debts of the Federal Government of Nigeria (FGN), 36 state governments and the Federal Capital Territory (FCT).

According to the DMO, 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 FGN in September 2021.

The agency noted that the issuance of the $4 billion Eurobonds had brought significant benefits to the economy by increasing the level of Nigeria’s external reserves, thereby supporting the exchange rate of the naira, and providing necessary capital to enable the federal government finance various projects in the budget.

The triple tranche of $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

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