Nigeria’s foreign debt hits $11.41bn, Local now N14.02trn
A data released by the National Bureau of Statistics (NBS) has revealed that Nigerian States and Federal Debt Stock data as at December 31, 2016 reflected that the country’s foreign and domestic debts stood at $11.41bn and N14.02trn respectively.
Further disaggregation of Nigerian foreign debt from the NBS showed that $7.99bn of the debt was multilateral; $198.25m was bilateral (AFD) and $3.22bn from the Exim Bank of China credited to the Federal Government of Nigeria (FGN).
According to the data released on Wednesday by the NBS, the total Federal Government of Nigeria’s debt accounted for 68.72% of the country’s total foreign debt while all States and the Federal Capital Territory (FCT) accounted for the remaining 31.28%.
Similarly, the federal government’s total debt accounted for 78.89% of Nigeria’s total domestic debt while all States and the Federal Capital Territory (FCT) accounted for the 21.11% balance.
A breakdown of the federal government’s domestic debt stock by instruments reflected that N7.56trn or 68.41% of the debt are in Federal Government Bonds; N3.28trn or 29.64% are in treasury bills and N215.99 million or 1.95% are in treasury bonds.
The data also indicates that Lagos State which has the highest foreign debt profile among the 36 states of the federation and the FCT accounting for 38.70% while Kaduna (6.25%), Edo (5.15%), Cross River (3.22%) and Ogun followed closely with (2.90%).
Lagos State also has the highest domestic debt profile among the 36 and the FCT accounting for 10.54% while Delta (8.15%), Akwa Ibom (5.25%), FCT (5.16%) and Osun (4.97%) followed in that order.
