Nigeria’s public debt stock hits N38.005trn

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.”

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

We Have Not Had Water Supply In Months ― Abeokuta Residents

In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. This report x-rays the lives and experiences of residents in getting clean, potable and affordable water amidst the surge of COVID-19 cases in the state.

Selfies, video calls and Chinese documentaries: The things you’ll meet onboard Lagos-Ibadan train

The Lagos-Ibadan railway was inaugurated recently for a full paid operation by the Nigerian Railway Corporation after about a year of free test-run. Our reporter joined the train to and fro Lagos from Ibadan and tells his experience in this report…