Nigeria’s debt rises by N2.54tn in three months, hits N38tn, says DMO

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On Tuesday the Debt Management Office revealed that Nigeria’s public debt was N38.005tn as of the end of the third quarter of 2021. In a press statement titled, ‘DMO publishes total public debt for Q3 2021’, and published on the DMO’s official website the debt agency said the total debt figure including total external and domestic debts of the Federal Government, the 36 states and the Federal Capita Territory.

The total debt stock rose by N2.540tn in three months from June 30 to September 30, 2021. The statement further said, “The increase of N2.540tn when compared to the corresponding figure of N35.465tn at the end of Q2 2021 was largely accounted for by the $4bn Eurobonds issued by the Government in September 2021.”

added, “The issuance of the $4bn 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.

Also, the National Assembly has also asked the executive to explore other sources to increase its revenue and cut down on borrowing.

– Punch 

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