According to the DMO, Nigeria’s debt has increased by N2.54 trillion in three months and now stands at N38 trillion.

According to the DMO, Nigeria’s debt has increased by N2.54 trillion in three months and now stands at N38 trillion.

According to the DMO, Nigeria’s debt has increased by N2.54 trillion in three months and now stands at N38 trillion.

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NewsReport gathered that the Debt Management Office announced on Tuesday that Nigeria’s public debt stood at N38.005 trillion at the end of the third quarter of 2021.

The debt agency stated in a press statement titled ‘DMO publishes total public debt for Q3 2021’, which was published on the DMO’s website, that the total debt figure included total external and domestic debts of the Federal Government, the 36 states, and the Federal Capital Territory.

According to the statement, “In accordance with its practice, the Debt Management Office has published Nigeria’s total public debt as of September 30, 2021.” According to the data, which includes the total external and domestic debts of the Federal Government of Nigeria, 36 state governments, and the Federal Capital Territory, Nigeria’s public debt was N38.005 trillion, or $92.626 billion, at the end of the third quarter of 2021

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.”

It 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 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.”

The Federal Government has come under heavy criticism for engaging in a borrowing spree under the present administration.

Also, the National Assembly has also asked the executive to explore other sources to increase its revenue and cut down on borrowing. The Federal Government has come under heavy criticism for engaging in a borrowing spree under the present administration.

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