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Nigeria’s public debt jumps to over N38trn

By Idowu Abdullahi

The Debt Management Office (DMO) has disclosed that the country’s Total Public Debt rose to N38.005 trillion as at September 30, 2021.

The figure, it explained, showed that Nigeria’s Public Debt increased from N35.465 trillion at the end of Q2 2021 by N2.540 trillion to the end September level.

The figure was contained in the debt data released by the debt management office and contained in a statement made available to journalists on Tuesday.

The DMO explained that the data which includes the Total External and Domestic Debts of the Federal Government of Nigeria, thirty-six State Governments and the Federal Capital Territory, shows that Nigeria’s Public Debt was N38.005tn or $92.626bn at the end of Q3 2021.

According to the report, the total debt stock rose by N2.540tn in three months from June 30 to September 30, 2021.

The statement read in part, “the increase of N2.540tn when compared to the corresponding figure of N35.465 trillion at the end of Q2 2021 was largely accounted for by the $4bn 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 $4bn Eurobond, issued in September 2021, was for the implementation of the New External Borrowing of $6.18bn in the 2021 Appropriation Act.”

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