Nigeria’s debt increased by N2.54tn in 3 month, hit N38tn

Nigeria’s public debt reached N38.005 trillion at the end of the third quarter of 2021, according to the Debt Management Office (DMO).

According to a press release on DMO’s website, the total debt figure included the federal government’s total external and domestic debts, as well as the debts of the 36 states and the Federal Capital Territory.

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“In line with its practice, the Debt Management Office has published Nigeria’s total public debt as of September 30, 2021,” the statement said. Nigeria’s public debt was N38.005 trillion ($92.626 billion) at the end of Q3 2021, according to data that includes the Federal Government of Nigeria, 36 state governments, and the Federal Capital Territory’s total external and domestic debts.

“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 statement continued.

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“The issuance of the $4 billion Eurobonds has provided 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 to finance various projects in the budget,” the statement continued.

“The triple tranche $4 billion Eurobond, issued in September 2021, was for the implementation of the new $6.18 billion external borrowing authorized by the Appropriations Act of 2021.