Nigeria’s foreign debt hits $15.1bn, as domestic debt stood at N14.1trillion

 

Nigerian States and Federal Debts Stock data as at 30th June 2017 reflected that the country’s foreign and domestic debts stood at $15.05 billion and N14.06 trillion respectively.
Further disaggregation of Nigeria’s foreign debt showed that $9.67 billion of the debt was multilateral; $218.25 million was bilateral (AFD) and $5.15 billion from the Exim Bank of China credited to the Federal Government of Nigeria (FGN)
Total FGN debt accounted for 74 percent of Nigeria’s total debt while all States and the Federal Capital Territory (FCT) accounted for the remaining 26 percent. Similarly, total FGN debt accounted for 78.66 percent of Nigeria’s total domestic debt while all States and FCT accounted for the 21.34 percent balance.
A breakdown of the FGN domestic debt stock by instruments reflected that N7.56 trillion or 68.41 percent of the debt are in Federal Government Bonds; N3.28 trillion or 29.64 percent are in treasury bills and N215.99 million or 1.95 percent are in treasury bonds.
Lagos State has the highest foreign debt profile among the 36 states and the FCT accounting for 37 percent while Kaduna State, Edo State, Cross River State and Ogun State accounted for 6 percent , 5 percent, 4 percent and 3 percent respectively.
Similarly, Lagos State has the highest domestic debt profile among the 36 States and the FCT accounting for 10.39 percent while Delta (8.04 percent), Akwa Ibom (5.18 percent), FCT (5.09 percent) and Osun (4.90 percent) followed in the order.