The Debt Management Office (DMO) has released statistics showing that Nigeria’s total public debt stock rose by N2.54 trillion, from N35.465 trillion at the end of the second quarter of 2021, to N38.005 trillion ($92.626 billion) at the end of September.
The DMO disclosed in a statement entitled ‘DMO publishes total public debt for Q3, 2021’ posted on its website.
“In line with its practice, the Debt Management Office has published Nigeria’s Total Public Debt as at September 30, 2021. The data, which includes the Total External and Domestic Debts of the Federal Government of Nigeria, 36 state governments and the Federal Capital Territory, shows that Nigeria’s public debt was N38.005 trillion or $92.626 billion at the end of Q3, 2021.”
It explained the increase in the public debt stock thus: “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 issuance of the $4 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 the necessary capital to enable the federal government finance various projects in the budget.”
Furthermore, the DMO said the triple tranche $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.
