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Tuesday, October 4, 2022

Nigeria’s Public Debt Hits N38 Trn

Nigeria’s Total Public Debt rose to N38.005 trillion as at September 30, 2021.

This was contained in the debt data released by the Debt Management
Office (DMO), Tuesday evening.

The figure showed that Nigeria’s Public Debt increased from N35.465
trillion at the end of Q2 2021 by N2.540 trillion to the end September

According to the DMO, “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.”

It added, “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 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.”

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