DMO: Nigeria’s debt rises by N2.54trn in three months

Nigeria’s debt has increased by N2.54 trillion in three months – July, August and September of 2021.

The Debt Management Office (DMO) now put Nigeria’s Total Public Debt as at September 30, 2021 at N38.005 trillion ($92.626 billion).

The debt portfolio includes the Total External and Domestic Debts of the Federal Government of Nigeria (FGN), 36 State Governments and the Federal Capital Territory (FCT).

DMO stated that 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 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,” the debt management agency said.