Nigeria’s public debt rose to N38.005 trillion (USD92.626 billion) at the end of Q3, September 30, 2021, according to data published by the Debt Management Office (DMO).
The data which includes the total external and domestic debts of the Federal Government of Nigeria (FGN), 36 state governments and the Federal Capital Territory (FCT), shows an increase of N2.540 trillion when compared to the corresponding figure of N35.465 trillion at the end of Q2 2021.
The DMO explained that the increase was largely accounted for by the USD4 billion Eurobonds issued by the Government in September 2021.
Justifying the increase in the debt stock, the DMO said, “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 the 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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