Nigeria's Public Debt Rises By N2.5tn to N38tn

14 December 2021

Abuja — Nigeria's total public debt rose by N2.54 trillion, from N35.465 trillion in the second quarter (June 30) to N38.005 trillion ($92.626 billion) in the third quarter ending September 30.

Statistics released by the Debt Management Office (DMO) indicate that

the debt comprises total external and domestic debts of the Federal Government of Nigeria (FGN), 36 state governments and the Federal Capital Territory (FCT).

The DMO explained 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 FGN in September 2021.

The debt management agency stated that the issuance of the $4 billion Eurobonds had brought significant benefits to the economy by increasing the level of Nigeria's external reserves, thereby supporting the exchange rate of the naira, and providing necessary capital to enable the federal government finance various projects in the budget.

The triple tranche of $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.

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