21 September 2018

Nigeria: FG, States' Domestic Debt Now N15.6 Trillion

Photo: World Bank

Total debt obligation of Nigeria at both the state and federal level as at June 30, 2018 released by the National Bureau of Statistics (NBS) yesterday showed that the country's foreign and domestic debts stood at $22.08 billion and N15.63 trillion respectively. The NBS in the Nigeria Domestic and Foreign Debt data released yesterday said total domestic borrowing by states represented N3.48 trillion, of which Lagos accounted for 14.88 per cent of the total domestic debt, while Anambra had the least debt in the category with a contribution 0.08 per cent to the total domestic debt stock.

Further disaggregation of Nigeria's foreign debt showed that $10.88 billion of the debt was multilateral; $274.98 million was bilateral (AFD) and another $2.12 billion bilateral from the Exim Bank of China, JICA, India and KFW while $8.8 billion was commercial. Lagos State has the highest foreign debt profile among the 36 states and the FCT accounting for 34.17 per cent, while Edo, Kaduna, Cross River and Bauchi accounted for 6.57, 5.48, 4.56 and 3.18 per cents respectively.

Similarly, total domestic debt was N3.48 trillion with Lagos State accounting for 14.88 per cent of the total domestic debt stock while Anambra State has the least debt in this category with a contribution 0.08 per cent to the total domestic debt stock.

Broken down, FGN Bonds accounted for the largest chunk of the domestic obligation, taking up 73.4 per cent of the N12.15 trillion federal government domestic debt stock. It was followed by Treasury Bills which accounted for 24.3 per cent of the debt stock with N2.953 trillion.

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