The debt profile of Nigeria has been put at $15.05 billion as at the end of June 2017, according to a report released on Tuesday by the National Bureau of Statistics, NBS.
Similarly, the NBS reported that the domestic debt portfolio as at the end of June stood at N14.06 trillion. This represents a growth of $3.64 billion and N0.04 trillion respectively within a six month period.
Newsglobal360 reports that the foreign debt profile was $11.41 trillion, while domestic debt was N14.02 billion as at December 2016
According to the NBS, $9.67 billion of the debt was multilateral, $218.25 million bilateral, while $5.15 billion was from the Exim Bank of China, credited to the Federal Government.
The report reads in part: “The total Federal Government debt accounted for 74 per cent of Nigeria’s total foreign debt while all states and the Federal Capital Territory, FCT, accounted for the remaining 26 per cent.
“Similarly, total Federal Government’s debt accounted for 78.66 per cent of Nigeria’s total domestic debt, while all states and the Federal Capital Territory, FCT, accounted for the 21.34 percent balance.”
Breaking down the Federal Government domestic debt stock by instruments, the NBS reported that N7.5 trillion or 68.41 per cent of the debt was in Federal Government Bonds. About N3.3 trillion or 29.64 per cent are in treasury bills, while N215.99 million or 1.95 percent are in treasury bonds.
On the most indebted states, the NBS report says: “Lagos State has the highest foreign debt profile among the 36 states and the FCT, accounting for 37 per cent; Kaduna, 6 per cent; Edo, 5 per cent; Cross River, 4 per cent; and Ogun, 3 per cent, followed closely.
It further stated that “ Lagos State had the highest domestic debt profile among the thirty-six states and the FCT, accounting for 10.39 per cent; Delta, 8.04 per cent; Akwa Ibom, 5.18 per cent; FCT, 5.09 per cent; and Osun, 4.90 per cent, followed in that order.”
