NBS: Nigeria’s foreign debt stood at $15.05bn in June

By BENJAMIN UMUTEME -The National Bureau of Statistics (NBS) in its latest debt report has revealed that Federal Government and the 36 States have a total debt stock of $15.05 billion foreign debt and N14.06 trillion domestic debt.

The NBS in its foreign and domestic debt report for June 2017, further showed that out of the $15.05 billion foreign debt, $9.67 billion was multeral; $218.25 million was bilateral (AFD) and $5.15 billion from the China Exim bank that was credited to the Federal Government.

According to the report, federal government debt accounted for 74 per cent of Nigeria’s foreign debt while the 36 States and the Federal Capital Territory (FCT) accounted for the remaining 25 per cent.

In the same vein, total FGN debt accounted for 78.66 per cent of the country’s domestic debt with the States and the FCT accounting for 24.34 per cent.

A breakdown of the FG’s domestic debt by instrument showed that FGN bonds accounted for N7.56 trillion representing 68.41 per cent; Treasury bills N3.2 trillion or 29.64 per cent while Treasury bonds accounted for N215.99 million which is 1.95 per cent.

Lagos continued to lead as the state with the highest foreign and domestic debt profile among the 36 States of the federation and the FCT. According to the statistics bureau, the State accounted for 37 per cent of total foreign debt owed by the 36 states of the federation.

This is followed by Kaduna accounting for 6 per cent of total foreign debt. Edo, Cross Rivers, and Ogun accounted for 5 per cent, 4 per cent and 3 per cent respectively.

As for domestic debt, Lagos still led the pack accounting 10.39 per cent. Oil producing states of Delta, Akwa Ibom followed with 8.04 per cent and 5.18 per cent of total domestic debt.

Meanwhile, the Federal Capital Territory (FCT) and Osun state accounted for 5.09 per cent and 4.90 per cent of total domestic debt respectively.