This DMO stated this on Tuesday in a press statement put on its website, titled ‘DMO publishes total public debt for Q3 2021.’
The Debt Management Office (DMO) has put Nigeria’s public debt at N38.005 trillion by the third quarter of 2021, between July 1 and September 30, 2021.
This DMO stated this on Tuesday in a press statement put on its website, titled ‘DMO publishes total public debt for Q3 2021.’
It says, “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, thirty-six 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.”
It said the increase of N2.540 trillion in three months from June 30 to September 30, 2021 “was largely accounted for by the $4bn Eurobonds issued by the Government in September 2021”.
“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.
“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,” it said.
Earlier on Tuesday, the House of Representatives approved a loan request of $5.8 billion (about N2.4 Trillion) and a grant of $10 million as requested by President Muhammadu Buhari.
The lawmakers, however, asked for transparency regarding the terms and conditions given by the funding agencies in giving out the loan, saying the details should be made available to the National Assembly.
The loans are to be sourced from the World Bank, Islamic Development Bank, China Exim bank, Chinese Africa Development Fund, and International Fund for Agricultural Development.