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Nigeria’s public debt rises to over N38trn in third quarter 2021, says DMO

Bassey Udo by Bassey Udo
December 15, 2021
in News
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Nigeria redeems $500million 2021 Eurobond

Nigeria’s total public debt climbed to over N38.005 trillion at the end of the third quarter of the year, the Debt Management Office (DMO) confirmed on Tuesday.

The debt management agency said the latest data as of September 30, 2021, showed the figure grew from N35.5 trillion, or $86.57 billion as of June 30, to N38.005 trillion, or $92.626 billion.

This consisted of consists of the total external and domestic debts of the Federal Government, the 36 State Governments, and the Federal Capital Territory (FCT).

The DMO explained that the increase of about N2.54 trillion was largely accounted for by the $4billion Eurobonds issued by the Government in September 2021.
“The issuance of the Eurobonds 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 $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.
Details of the June 30, 2021 debt profile showed total external debt at about N13.7 trillion, or $33.469 billion (38.66% of total); N11.846 trillion, or N28.916 billion, and N1.865 trillion, $4.553 billion (5.26%).

In terms of domestic debt, the DMO showed that the Federal Government had the lion’s share of N17.63 trillion (about $43.04 billion) -49.72%, while States and the FCT had N4.122 trillion of N10.062 billion (11.62 percent.

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Bassey Udo

Bassey Udo

Bassey Udo is a Journalist, Communication & Media Practitioner PERSONAL DETAILS DATE OF BIRTH: March 3, 1965 GENDER: Male NATIONALITY: Nigerian GSM: +234 802 313 7335; 07032308000 EMAIL: bassey.udo@gmail.com CONTACT ADDRESS: Plot 743 Coral Park Street, Lugbe CRD, Abuja, FCT 900128 A multiple award winning investigative reporter with specialised interest in Business & Economy, Energy & Power, Oil, Gas, Mining & Extractive Industry, Environment & Climate Change, etc. at various times for some of Nigeria’s elite newspapers and magazines, including Post Express, NewsAfrica magazine, Independent, 234NEXT and Premium Times. A member of the Nigerian Guild of Editors (NGE), Nigeria Union of Journalists (NUJ), Nigerian Institute of Public Relations (NIPR) and Society of International Law & Diplomacy (SILD). He is also a distinguished Alumnus of the U.S. International Visitors Leadership Programme (IVLP) 2017.

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