The Debt Management Office (DMO) on Tuesday disclosed that Nigeria’s public debt was ₦38.005 trillion as of the end of the third quarter of 2021.
In a press statement titled, ‘DMO publishes total public debt for Q3 2021’, the debt agency said the total debt figure comprised total external and domestic debts of the Federal Government, the 36 states and the Federal Capital Territory.
The statement read in part, “In line with its practice, the Debt Management Office has published Nigeria’s total public debt as of 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 ₦38.005 trillion or $92.626 billion at the end of Q3 2021.
The total debt stock rose by ₦2.540 trillion in three months from June 30 to September 30, 2021.
The statement further said, “The increase of ₦2.540 trillion when compared to the corresponding figure of ₦35.465 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 $4bn 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.”
