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, thirty-six (36) state governments and the Federal Capital Territory (FCT), shows that Nigeria’s public debt was N38.005tn or $92.626bn at the end of Q3 2021. A statement by the DMO, said the increase of N2.540tn when compared to the corresponding figure of N35.465tn at the end of Q2 2021 was largely accounted for by the $4bn Eurobonds issued by the government in September 2021.
According to the DMO, the issuance of the $4bn 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 to finance various projects in the budget.
The agency said on Tuesday that the triple tranche $4bn Eurobond, issued in September 2021, was for the implementation of the New External Borrowing of $6.18bn in the 2021 Appropriation Act. In another development, the Federal Ministry of Finance, Budget and National Planning has called for the stripping of the Nigeria Customs Service of the responsibility of revenue collection. It said the responsibility should be transferred to the Federal Inland Revenue Service (FIRS). Stakeholders in the sector opposed the passage of the Customs and Excise Management Amendment Bill, saying several provisions in it were draconian and against global best practices.
Speaking at a public hearing, the Permanent Secretary in the ministry, Aliyu Ahmed said there was the need to unify revenue collection so that Customs can concentrate on its responsibility of trade facilitation. He said: “The single most important function of the Customs Service anywhere in the world is trade facilitation.