Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Exclusives

Nigeria’s public debt rises to N38.005 trillion as of September 2021

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
January 5, 2022
in Exclusives, Macro-Economic News, Securities
Nigeria makes sudden U-turn, suspends external borrowing from international market , FG responsible for 80% of Nigeria’s N25.7 trillion debt profile, DMO appoints new government stockbroker, DMO backs Buhari’s lending policy, seeks increased revenue to service loans, DMO boss reveals coronavirus affecting Nigeria's N26 trillion debt servicing plan

Director-General, DMO, Ms. Patience Oniha

Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s Public Debt rose to N38 trillion as of September 30th, 2021. This is according to the latest data obtained from the Debt Management Office.

Nigeria’s public debt is now N5 trillion up 15% from the N32.9 trillion reported in December 2020. This is the highest debt profile ever recorded dating back to 2010 when the data was being collated.

The country has also now added N9.3 trillion to its public debt profile since the start of this decade in 2020 which is just two years an average of N4.5 trillion annually. This compares to the N2.2 trillion yearly average in the decade ending December 2019.

Debt Breakdown

  • According to the data, the external debt portion (converted to Naira) is about N15.57 trillion while local debt is N18.2 trillion and N4.19 trillion for FG and states respectively.
  • The FG has doubled down on foreign debts due to their low-interest rates even though it is more difficult to service.
  • Total external debt reported is $38.9 billion or 40.9% of total public debt. Nigeria’s external debt is made up of multilateral, bilateral, commercial, and promissory notes
  • Multilateral, Bilateral, and Commercial debt printed $18.2 billion, $4.3 billion, and $18.6 billion respectively.
  • Nigeria’s local debt is divided into Treasury bills, FGN Bonds, FGN Savings Bonds, Sukuk, Green Bonds, and Promissory notes. Treasury Bills and FGN Bonds alone make up N3.4 trillion and N13.4 trillion respectively.

Euro Bonds drive debt binge

The Debt Management Office (DMO) has said that Nigeria’s Public Debt hit N38.005 trillion in Q3 2021 due to the issue of euro bonds. The is according to a press release titled, “DMO Publishes Total Public Debt for Quarter 3, 2021”.

The $4 billion Eurobonds issued by the government in September 2021 accounted for the majority of the increase of N2.540 trillion compared to the similar amount of N35.465 trillion at the end of Q2 2021.

According to the DMO, Eurobonds have benefited the economy by raising Nigeria’s external reserves, consequently sustaining the Naira exchange rate and providing critical funds for the Federal Government to finance various projects in the budget.

What the DMO is saying

The report stated,  “In line with its practice, the Debt Management Office (DMO) has published Nigeria’s Total Public Debt as of September 30, 2021. The Data which includes the Total External and Domestic Debts of the Federal Government of Nigeria (FGN), thirty-six (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 report identified the surge in Nigeria’s debt to be linked to the increased Eurobonds. The report said, “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 sale of the $4 billion Eurobonds has benefited the economy significantly by raising Nigeria’s external reserves, consequently strengthening the Naira Exchange Rate and providing sufficient funds to enable the Federal Government to finance major budget initiatives.

The report 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 the 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.”

Related

Tags: Debt Management OfficeDMOEurobond

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Access Bank
Bankers Committee
Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets
First bank





    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • President Buhari appoints Nwabuoku to oversee office of Accountant-General of the Federation
    • US stock market top gainers for the third week in May
    • Top Crypto: KNC posted 60% gains in the last seven days

    Follow us on social media:

    Recent News

    Idris Ahmed

    President Buhari appoints Nwabuoku to oversee office of Accountant-General of the Federation

    May 22, 2022
    U.S stock market gainers for the week

    US stock market top gainers for the third week in May

    May 22, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com