By Oludare Mayowa
Nigeria’s total debt stock rose 7.16 percent to N38 trillion at the end of the third quarter of 2021 from N35.46 trillion at the end second quarter, rising N2.54 trillion within the three months period, according to latest data from the Debt Management Office (DMO).
The debt office said the jump in debt stock in the three months to September was due to the $4 billion eurobond issued by the federal government in the last month of the third quarter.
“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,” the DMO stated in a statement.