Business
Buhari govt’s sustained borrowing triggers debt spike as foreign profile hits $15.05bn
The National Bureau of Statistics (NBS) disclosed Tuesday that Nigeria’s total foreign and domestic debts as at June 30 stood at about $15.05 billion and N14.06 trillion respectively.
A review of the total foreign debt profile of the Federal government, as well as the 36 state governments and the Federal Capital Territory (FCT), revealed a sustained rise since the emergence of the present administration, from $10.718 billion in 2015, to $11.406 billion in 2016 and $15.047 billion in 2017.
Out of the current total figure of $15.047 billion, the Federal Government accounts for $11.106 billion, or about 74 per cent, while the 36 states of the federation and the FCT were responsible for about $3.94 billion, or 26 per cent.
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The Federal and State government shares of the debt stock grew from $7.349 billion and $3.369 billion in 2015, to $7.84 billion and $3.568 billion in 2016, as well as $3.94 billion and $11.106 billion in 2017 respectively.
Further breakdown of the country’s foreign debt by the NBS include $9.67billion as multilateral debt; $218.25million as bilateral (AFD) and $5.15billion from the Exim Bank of China credit to the Federal Government.
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