The debt increased by N2.540 trillion between July and September. Nigeria’s total public debt has risen to N38.005 trillion (US$92.626 billion) as of September 30, 2021, the Debt Management Office (DMO) announced on Tuesday, December 14.
The figure includes the total external and domestic debts of the Federal Government, all 36 state governments, and the Federal Capital Territory (FCT).
The debt increased by N2.540 trillion between July and September, largely due to the US$4 billion Eurobonds issued by the government in September 2021.
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.
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“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.”
Nigeria’s debt portfolio has skyrocketed under President Muhammadu Buhari, rising from N12.12 trillion in June 2015, a month after he assumed office.
He told Nigerians in October to stop worrying about the debt pile which he said is within sustainable limits, but he has also been campaigning at global events for debt relief and cancellation.
