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Nigeria’s debt has now hit a record N38trn or $92.626bn as of the end of September 30, 2021.

In the second quarter of 2020, Nigeria’s debt was N35.4trn.

The DMO said, “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.

“The increase of N2.540 trillion when compared to the corresponding figure of N35.465 trillion at the end of Q2 2021 was largely accounted for by the USD4 billion Eurobonds issued by the Government in September 2021.

The administration of President Muhammadu Buhari was recently under attack on the country’s rising debt levels.

But the Minister of Finance, Budget and National Planning, Zainab Ahmed, responded by saying the administration was not borrowing blindly.

She said at the 27th National Economic Summit in Abuja that the country’s debt was sustainable.

Nigeria’s debt service to GDP ratio had hit 73 per cent based on figures released by the Finance Minister in October.

The DMO had attributed the rise partly to the issuance of the $4bn Eurobonds which it said increased the country’s external reserves.

DMO added, “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 necessary capital to enable the Federal Government finance various projects in the Budget.

“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.”