Nigeria borrowed at least N2.540 trillion in just three months this year, leaving the national debt profile to stand at N38 trillion, according to the Debt Management Office (DMO).
A DMO statement said as of the third quarter ended September 2021, Nigeria’s debt rose by N2.540tr when compared to the corresponding figure of N35.465tr at the end of the second quarter.
The country’s debt profile was N38.005tr, a combination of debts by the Federal Government of Nigeria (FGN), the Federal Capital Territory (FCT) and the 36 States.
According to the national debt manager, the domestic and external debt rose due to a $4bn Eurobond issued by the federal government in September.
“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 that Nigeria’s public debt was N38.005 trillion or USD92.626 billion at the end of Q3 2021.
“It was largely accounted for by the USD4 billion Eurobonds issued by the government in September 2021,” the DMO said.
It also said the issuance of the $4bn Eurobonds has an impact by increasing the level of Nigeria’s external reserves to support naira stability and project financing.
“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,” DMO noted.
