Nigeria’s debt profile hits N38tn —DMO
The Debt Management Office, DMO, has said that Nigeria’s public debt stock has increased to N38.005 trillion.
DMO’s Director-General, Patience Oniha, made this known in a statement published on the agency’s website on Wednesday.
It noted that the sum of N2.5 trillion was borrowed within the last three months alone as of the end of the third quarter of 2021.
DMO explained that the total public debt for Q3 2021’as published on its website comprised total external and domestic debts of the Federal Government, the 36 states of thand the Federal Capital Territory.
The statement reads in part, “In line with its practice, the Debt Management Office has published Nigeria’s total public debt as at September 30, 2021.
“The data which includes the total external and domestic debts of the Federal Government of Nigeria, 36 state governments and the Federal Capital Territory, shows that Nigeria’s public debt was N38.005tn or $92.626bn at the end of Q3 2021.
“The increase of N2.540tn when compared to the corresponding figure of N35.465tn at the end of Q2 2021 was largely accounted for by the $4bn Eurobonds issued by the Government in September 2021.
“The issuance of the $4bn 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 necessary capital to enable the Federal Government finance various projects in the budget.
“The triple tranche $4bn Eurobond, issued in September 2021, was for the implementation of the new external borrowing of $6.18bn in the 2021 Appropriation Act.”
Periscope International reports that the federal government has over the years come under a barrage of criticisms for going on a borrowing spree, especially under the Buhari administration.
