Nigeria’s domestic and foreign debts have continued to build-up since 2015; despite the present government believe that its economic programme is built on prudent management. Nigeria’s debts burden, as at June 30, is about $15.05 billion [foreign] and N14.06 trillion [domestic] — equivalent of N19.52 trillion, according to National Bureau of Statistics, NBS, on Tuesday.

NBS figures showed that Nigeria’s debts profile increased from $10.718 billion in 2015 to $11.406 billion in 2016 and $15.047 billion in 2017. Nigeria’s federal government share of the debts is $11.106 billion of the total $15.057 billion, about 74 percent. The 36 State federation and Federal Capital Territory, Abuja, are indebted to $3.94 billion, about 26 percent.


NBS analysis show that federal government share of the debt grew from $7.349 billion in 2015 to $784 billion in 2016 and $11.106 billion in 2017. The states debt stuck grew from $3.369 billion in 2015 to $3.568 billion in 2016 and $3.94 billion in 2017.

Disaggregation of Nigeria’s foreign debt, according NBS, includes $9.67 billion as multilateral debt; $218.25 million as bilateral, AFD, and $5.15 billion from Exim Bank of China credit to the federal government. The domestic debt also continued to grow since 2017.

NBS breakdown of Nigeria’s domestic debt growth since 2015, on the watch of the present administration, include N2.503 trillion in 2015 to N2.959 trillion in 2016, and rising to N3.001 trillion in 2017. Out of N14.017 trillion total national debt stock, federal government accounts for about N11.058 trillion, about 78.66 percent, against about N2.959 trillion or 21.34 percent by the states and federal capital territory, Abuja.

Domestic debt breakdown by instruments showed about N7.56 trillion, 68.41 percent were bonds; N3.28 trillion, 29.64 percent in treasury bills, and N215.99 million, 1.95 percent in treasury bonds.

Nigerian federal States leading in foreign debt profile are Lagos – 37 percent; Kaduna – six percent; Edo – five percent; Cross River – four percent; and Ogun – three percent. Domestic debt, Lagos also let the states with 10.39 percent; Delta – 8.04 percent; Akwa Ibom – 5.18 percent; Federal Capital Territory — 5.09 percent and Osun – 4.90 percent.