Since the Administration of Muhammadu Buhari assumed presidency in 2015, The Nigeria’s debt profile has risen by approximately N5.4 trillion.
As stated by the Debt Management Office (DMO), barely a month after the current government took office, Nigeria’s debt profile stood at approximately N12.12 trillion as at June 2015.
But according to the National Bureau of Statistics (NBS) the country’s foreign debt stood at $11.41 billion dollars, while its domestic debts was N14.02 trillion respectively in 2016, amounting to N17.5 trillion.
The NBS in its yearly Domestic and Foreign Debt analysis of 2016 in Abuja noted that the sum reflected the states and federal debt stock.
The NBS revealed that $7.99 billion of the debt was multilateral; $198.25 million was bilateral (AFD) while $3.22 billion from the Exim Bank of China credited to the federal government.
“Total Federal Government debt accounted for 68.72 per cent of Nigeria’s total foreign debt while all states and the Federal Capital Territory (FCT) accounted for the remaining 31.28 percent,” NBS said
“Similarly, total Federal Government debt accounted for 78.89 per cent of Nigeria’s total domestic debt while all states and the Federal Capital Territory (FCT) accounted for the 21.11 per cent balance.’’
The report further enunciated in a fractionation that N7.56 trillion or 68.41 per cent of the debt were in federal government bonds.
About “N3.28 trillion or 29.64 per cent are in treasury bills and N215.99 million or 1.95 per cent are in treasury bonds”.
“Lagos State has the highest foreign debt profile among the 36 states and the FCT accounting for 38.70 per cent.
“Kaduna (6.25 per cent), Edo (5.15 per cent), Cross River (3.22 per cent and Ogun (2.90 per cent) followed closely.’’
(C) Control TV 2020.
