This means that the nation’s total debt stock rose by N2.52tn or 30.29 per cent within one year period.
Statistics obtained from the website of
the Debt Management Office in Abuja on Monday indicated that the N8.32tn
did not include the domestic debt of the states in 2013.
Details of the current debt status of
the country showed that the external debts of both the federal and state
governments stood at $9.52bn or N1.48tn.
As of September 30, the domestic debt
stock of the Federal Government alone stood at $49.12bn or N7.65tn. The
domestic debt of states, on the other hand, stood at $10.97bn or
N1.71tn.
In comparison, the external debt of both
the federal and state governments stood at N1.28tn (or $8.26bn) as of
September 30, 2013. Also, the domestic debt of the Federal Government a
year ago stood at N7.03tn.
Dissecting the Federal Government’s
current domestic debt of N7.65tn by instruments, the Federal Government
Bond contributed N4.6tn or 60.12 per cent to the profile; the Nigerian
Treasury Bills contributed N2.74tn or 35.76 per cent while Treasury
Bonds contributed N315.39bn or 4.12 per cent.
As of June 2014, out of a total external debt of $3.01bn owed by the states, the Lagos State Government owed $1.02bn.
Other major holders of the country’s
external sub-national debts include Kaduna State which owes $245.51m and
Cross River State, $120.21m. Others are Ogun $116.69m; Bauchi,
$111.61m; and Oyo, $80.11m.
The states least exposed to foreign
debts are Borno, $16.07m; Plateau, $22.99m; Taraba, $24.06m; Delta,
$24.7m; and Benue, $28.79m.
However, in comparison to the nation’s
total external indebtedness, the states owed 32.13 per cent; leaving the
Federal Government with 67.87 per cent.
Loans from China Export Import Bank and
monies raised from Eurobond accounted for $2.54bn of the Federal
Government’s $6.36bn external debt while multilateral sources accounted
for $3.82bn.
As of June 2013, the nation’s total
external loan stood at $6.92bn. This means that over a period of one
year, the country’s external debt rose by $2.46bn, showing 35.51 per
cent increase.
The growth of the nation’s debt stock
can be seen in the budget for debt servicing. The Federal Government
plans to spend N2.08tn servicing the country’s debt within the next
three years.
The figures for debt servicing as well
as the county’s debt stock are contained in the Medium Term Expenditure
Framework and Fiscal Strategy Paper of the Federal Government.
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