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Nigeria’s Debt Burden Hits N38trn–DMO

Ebuka Daniel

Nigeria is experiencing a worsening debt level as the country’s indebtedness rose by N2.5trn between July to September this year.

The country’s debt burden was revealed on Tuesday by the Debt Management Office.

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.

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