Nigeria’s Public Debt has accumulated and increased to N38.005 trillion as at September 30, 2021.
This was contained in the debt data issued by the Debt Management Office (DMO) on Tuesday.
The figure clearly showed that Nigeria’s Public Debt increased from N35.465 trillion at the end of Q2 2021 by N2.540 trillion 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 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.”