Nigeria’s Public Debt Hits To N38 trillion – Report

Debt Management Office (DMO) announced on Tuesday, said Nigeria’s total public debt has risen to N38.005 trillion (US$92.626 billion) as of September 30, 2021.

According to DMO, the figure includes the total external and domestic debts of the Federal Government, all 36 state governments, and the Federal Capital Territory (FCT).

The debt increased by N2.540 trillion between July and September, largely due to the US$4 billion Eurobonds issued by the government in September 2021.

DMO said, “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.”