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Nigeria’s public debt hits N38trn

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The nation’s Total Public Debt rose to N38.005 trillion as of September 30, 2021.

This was contained in the debt data released by the Debt Management Office (DMO), this evening.

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

According to the DMO, “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.”

It added, “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.

“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.”

(Vanguard)

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