Nigeria adopted Market Access Country-Debt Sustainability Analysis (MAC-DSA) Framework to conduct its debt sustainability exercise in 2021, however, the Low-Income Countries Debt Sustainability Framework (LIC-DSF,) was used in 2020, due to lager share of concessional debt, which accounted for 59.92 percent of the country’s External Debt stock. The MAC-DSA Framework applies to countries in Advances Economies and Emerging Markets, which have significant access to market financing. The reason for the adoption of the MAC-DSA Framework was based on the reclassification of Nigeria as a Lower-Middle-Income country, which means limited funding access from concessional borrowing, thus, more reliance on market-based financing. In other words, 70.48 percent of FGN’s Total Public Debt stock as at December 31, 2020 was market-based debt, which comprised domestic debt with a share of 55.42 percent and External Debt accounting for 15.06 percent. Of the External Debt portion, Eurobond accounted for 33.49 percent in 2020. Furthermore, Nigeria increased its visibility in the International Capital Market (ICM) with the issuance of USD4.0 billion Eurobonds in three tranches of 6.25% USD1.25 Billion (7-year), 7.35% USD1.5 Billion (12-year) and 8.25% USD1.25 Billion (30-year) in 2021 These developments give further justifications for the adoption of MAC-DSA Framework.