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Nigeria’s debt burden now N12trn

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The Debt Management Office (DMO) has stated that Nigeria’s total internal and external debt stock stood at N12.06 trillion or $63.5 billion as at the end of March 2015, up from N11.2 trillion or $67.726 billion in December 2014.

According to figures released on Wednesday by the DMO, the total external debt of the federal and states stood at $9.464 billion or N1.864 trillion as against the $9.711 billion as at December 2014.

The rise in the naira quantum of the outstanding debt is mainly due to the devaluation of the naira against the dollar.

Federal Government domestic debt DMO said stood at $43.185 billion as at March 2015 against the figure of N7.9trillion or $47.05 billion in 2014. This gives a grand total of $63.506 billion or N12.06 trillion.

As at December last year, the total debt stock of the Federal Government and the 36 states of the federation including the Federal Capital Territory amounted to N11.243 trillion or $67.726 billion.

States and the Federal Capital Territory as at 31st December 2014 had a domestic debt profile of N1.707 trillion or $10.967 billion. Federal Government’s domestic debt, on the other hand, stood at $47.05 billion or N7.9 trillion, while those of the states stood at $10.97 billion or N1.708 trillion.

Federal Government’s domestic debt is made up of N5.370 trillion bonds, N2.885 trillion Treasury bills and N271.2 billion treasury bonds.

But as at June last year, states in the federation had a domestic debt stock of N1.551 trillion or $9.963 billion. The Federal Government’s share of the rising external debt then stood at $6.363 billion.

Although the DMO did not show the debt profile of state governments as at March 2015, last year December profile showed that $3.146 billion of the debt owed by states were borrowed from multilateral institutions while $118.9 million were bilateral loans.

Read Also: Living in denial! Nigeria, neck deep in debt (See profile)

In the case of the Federal Government, $3.652 billion were loans sourced from multilateral institutions while a total of $2.793 billion were loans obtained from China Export-Import Bank and the funds the Federal Government raised from Eurobond.

The external debt profile of states has shown that Lagos State has the highest with a profile of $1.087 billion, followed by Kaduna State with a total of $234 million.

Cross River State followed closely with an external debt profile of $131.469 million. Other states with relatively large external debt are Edo $123 million, Ogun $109 million, Bauchi $87million, Enugu $62 million, Katsina $78 million, Osun $67 million and Oyo State $72 million.

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0 Comments

  1. Don Lucassi

    July 2, 2015 at 8:08 am

    We still dey learn from Greece na…our journey still long…make we chop more jare. Greece is owing over 450 billion dollars, so no need to fear.hehehehehehehehe

  2. billion$

    July 2, 2015 at 10:58 am

    may they not kill this man before his time…less than 2months,his wrinkles have increased..

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