Nigeria’s public debt has risen to N38.005tr in Q3 2021.
Nigeria’s Total Public Debt as of September 30, 2021, was released by the Debt Management Office (DMO) on Tuesday.
The data contains the Federal Government of Nigeria’s total external and domestic debts, as well as the debts of 36 state governments and the Federal Capital Territory (FCT).
“The USD4 billion Eurobonds issued by the Government in September 2021 accounted for primarily the increase of N2.540 trillion as compared to the similar amount of N35.465 trillion at the end of Q2 2021,” the DMO said in a statement.
The USD4 billion Eurobonds “have 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,” according to the DMO.
“The triple tranche USD4 billion Eurobond, issued in September 2021, was for the implementation of the USD6.18 billion New External Borrowing in the 2021 Appropriation Act,” according to DMO.