BY BAMIDELE FAMOOFO
Nigeria’s public debt was N38.005 trillion or $92.626 billion at the end of Q3 2021, according to data made available by Debt Management Office on Tuesday.
The figure for the period ended September 30, 2021, includes the total external and domestic Debts of the Federal Government of Nigeria, 36 state governments and the Federal Capital Territory.
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.
According to the DMO, 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 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.