Nigeria’s Public Debt Hit ₦38 Trillion – DMO Reveals

Nigeria’s public debt profile has risen to ₦38.005tn or $92.626bn the Debt Management Office (DMO) confirmed on Tuesday.

The DMO in a statement published on its website said the figure represents what the nation’s public debt profile will be by the end of the third quarter of 2021.

The total debt stock rose by ₦2.540tn in three months from June 30 to September 30, 2021.

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Anaedoonline.ng understands the figures include the Total External and Domestic Debts of the Federal Government of Nigeria, thirty-six State Governments, and the Federal Capital Territory.

The statement titled ‘DMO publishes total public debt for Q3 2021’ reads in part: “In line with its practice, the Debt Management Office has published Nigeria’s Total Public Debt as at September 30, 2021. The Data which includes the Total External and Domestic Debts of the Federal Government of Nigeria, thirty-six State Governments and the Federal Capital Territory, shows that Nigeria’s Public Debt was ₦38.005tn or $92.626bn at the end of Q3 2021.”

The statement added that “The increase of N2.540tn when compared to the corresponding figure of ₦35.465 trillion at the end of Q2 2021 was largely accounted for by the $4bn Eurobonds issued by the Government in September 2021.

“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.

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“The triple tranche $4bn Eurobond, issued in September 2021, was for the implementation of the New External Borrowing of $6.18bn in the 2021 Appropriation Act.”

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