According to the record of the Debt Management Office (DMO), Nigeria’s public debt has risen to N38.005 trillion (about $92.626 billion).
The DMO in a statement yesterday, indicated that the nation’s debt stock as of September 30 (third quarter), includes external and domestic debts of the Federal Government, the 36 states’ governments, and the Federal Capital Territory (FCT).
The statement came on a day the House of Representatives approved $5.8 billion loans and $10 million for the Federal Government.
It also came on a day when the government was cautioned against borrowing to survive by the Managing Director/Chief Executive Officer (MD/CEO) of the Nigeria Sovereign Investment Authority (NSIA), Uche Orji.
The DMO 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 $4 billion Eurobonds issued by the Government in September 2021.”
The issuance of the $4 billion Eurobonds, the DMO said, “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 $4 billion Eurobond, issued in September 2021, was for the implementation of the New External Borrowing of $6.18 billion in the 2021 Appropriation Act.”
The NSIA boss offered the advice in Abuja at the breakfast meeting organized by Businessday on “Macroeconomic outlook: Innovation and technology.”
He charged the government to invest borrowed funds in revenue-yielding projects and not for consumption.
