Debt Stock
NBS: Nigerian government, states’ debt profile rise to N32.92 trillion
Nigeria’s total public debt portfolio as at December 31, 2020, stood at N32.92 trillion, the National Bureau of Statistics (NBS) reveals. It made the revelation in its Nigerian Domestic and Foreign Debt report for Quarter Four, 2020, obtained from its website on Monday in Abuja. It added that the debt profile was for the States and the Federal Government. According to the bureau, Nigeria’s total public debt showed that N12.71 trillion or 38.60 per cent of the debt was external, while N20.21 trillion or 61.40 per cent of the debt was domestic. “Further disaggregation of Nigeria’s foreign debt showed that 17.93 billion dollars of the debt was multilateral, 4.06 billion dollars was bilateral from the African Development Bank (AfDB), Exim Bank of China, Japan International Cooperation Agency (...
Nigerian government approves new debt management strategy
The Federal Executive Council (FEC) has approved a new Medium-Term Debt Management Strategy for Nigeria (MTDS) for the period 2020-2023. With the approval, announced during Wednesday’s virtual FEC meeting, the DMO which is saddled with managing the nation’s debt matters, has promised full implementation to support economic development while ensuring that public debt is sustainable. The MTDS is a policy document which provides a guide to the borrowing activities of the government in the medium-term, usually four years. It is recognised as one of the best practices in public debt management and is recommended by the World Bank and International Monetary Fund (IMF) to ensure that public debt management is driven by a well-articulated strategy that is structured to meet a country’s broader mac...
Nigeria debts will hit N38.68 trillion in 2021 – minister
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the total public debts of Nigeria would hit N38trn by December 2021. The Minister stated this on Tuesday, in her presentation to the Senate Committee on Local and Foreign Debts. The Minister said, ”The total public debt stock comprising the External and Homes debts of the Federal and state governments and the Federal Capital Territory stood at N31.01trn (USD85.90 billion) as at June 30, 2020. “It is projected, based on existing approval, to rise to N32.51 trillion by December 31, 2020 and N38.68 trillion by December 31,2021.” She attributed reasons for numerous abandoned road projects across the country to poor funds releases occasioned by dwindling revenue. She explained that the current Sukuk fund is N162bn for...
Edo election: Comrade Oshiomhole borrowed recklessly – Governor Obaseki
Governor Godwin Obaseki has accused his predecessor, Adams Oshiomhole, of putting Edo State in debt through reckless borrowing. The governor made the allegation on Sunday, September 13, 2020, during the Edo Governorship debate organized by Channels Television. While answering a question about the debt profile of Edo state, Obaseki said the Oshiomhole-led administration was responsible for the state’s debt burden. He said, “Let me make some points very clear. What happened is that my predecessor in office borrowed recklessly and the Federal Government had to restructure all the debts that we have taken before I came into office. “These included a whole series of bank borrowings, borrowing to pay salaries. So, the Federal Government restructured outstanding obligations to Edo State, to the t...
