Nigeria’s total public debt rises to N38tn- DMO

Recent report published by the Debt Management Office (DMO) revealed that Nigeria’s Total Public Debt as at September 30, 2021 was N38.005 trillion.

This represents an increase of N2.540 trillion when compared to the corresponding figure of N35.465 trillion at the end of Q2 2021.  The increase was largely accounted for by the $4 billion Eurobonds issued by the Government in September 2021.

According to DMO, the figure includes the Total External and Domestic Debts of the Federal Government of Nigeria (FGN), thirty-six (36) State Governments and the Federal Capital Territory (FCT).

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 USD4 billion Eurobond, issued in September 2021, was for the implementation of the New External Borrowing of USD6.18 billion in the 2021 Appropriation Act.

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