Nigeria, stuck with N11.2trn debt
Nigeria’s total debt stock rose to N11.24 trillion from N10.4 trillion or $67.72 billion as at December 31, 2014 according to latest data from the Debt Management Office (DMO).
This is a 7.7 per cent rise above the N10.4 trillion or level of the country’s total debt as at June 2014.
External debt rose to N1.63 trillion or $9.7 billion by the end of 2914 from N1.46 trillion ($9.37 billion) which it was by June last year, while domestic debt stood at N7.9 trillion ($47.04 billion) up from N7.42 trillion ($47.65 billion).
According to the DMO, 34 states and the FCT and estimated stock for Ekiti and Bayelsa States as at December 2013 had total domestic debt of N1.7 trillion or $10.9 billion.
The total external debt of N1.63 trillion was owed to the World Bank, the African Development Bank (AfDB), Exim Bank of China and French Development Agency (AFD) as well as the Eurobond.
Nigeria’s multilateral debt to the World Bank and AfDB stood at $6.7 billion, while bilateral debt owed to the Exim Bank of China and AFD is $1.4 billion.
The federal government plans to use 22 per cent of the 2015 proposed budget amounting to N943 billion to service debt compared to N712 billion which it budgeted for debt servicing last year.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
A tale of Kwara public school where pupils learn under the tree without chalkboards
“You cannot make people learn. You can only provide the right conditions for learning to happen.” – Vince Gowmon But...
SPECIAL REPORT: Indiscriminate waste dumps, open defecation pose threat of epidemic in Kwara as govt slow to act
Forty three-year-old Bilikis Abdulrahman covered her pineapple fruit she is selling inside a white bucket container. This, she does to...
SPECIAL REPORT: Women displaced by conflict in North-Central Nigeria become farm helps to survive
Displaced women finding refuge in Abagena camp for Internally Displaced Persons (IDP) camp in Makurdi, Benue State have resorted to...
FEATURE: Kwara residents cry out for help as rainstorm devastates their homes
Phillip Moffitt, an American author, said: “the house is a home when it shelters the body and comforts the soul”,...
SPECIAL REPORT: Small businesses suffer, as govts fail to end sit-at-home in Nigeria’s South-East
It is a Thursday afternoon in December 2022 and the sun is scorching inside the popular Ogbete Market in Enugu...