Nigeria’s Debt Profile Has Risen By ₦5.4trn Under Buhari’s Govt

President Muhammadu Buhari leans over to listen to VP Osinbajo

Nigeria’s debt profile has risen by approximately ₦5.4 trillion since President Muhammadu Buhari took office in May, 2015.

TheCable can report continues:

According to the Debt Management Office (DMO), Nigeria’s debt profile stood at approximately ₦12.12 trillion as at June 2015, barely a month after the current government took office.

But according to the National Bureau of Statistics (NBS) the country’s foreign debt stood at US$11.41 billion dollars, while its domestic debts was ₦14.02 trillion respectively in 2016, amounting to ₦17.5 trillion.

The NBS stated in “Nigerian Domestic and Foreign Debt – 2016’’ data, posted on its website on Wednesday in Abuja, that the sum reflected the states’ and federal debt stock.

The report showed that US$7.99 billion of the debt was multilateral; US$198.25 million was bilateral (AFD) while US$3.22 billion from the Exim Bank of China credited to the federal government.

“Total Federal Government debt accounted for 68.72% of Nigeria’s total foreign debt while all states and the Federal Capital Territory (FCT) accounted for the remaining 31.28%,” NBS said

“Similarly, total Federal Government debt accounted for 78.89%of Nigeria’s total domestic debt while all states and the Federal Capital Territory (FCT) accounted for the 21.11%balance.’’

The report further gave a breakdown of the federal government domestic debt stock by instruments reflected that ₦7.56 trillion or 68.41%of the debt were in federal government bonds.

About “₦3.28 trillion or 29.64% are in treasury bills and ₦215.99 million or 1.95% are in treasury bonds”.

“Lagos State has the highest foreign debt profile among the 36 states and the FCT accounting for 38.70%.

“Kaduna (6.25%), Edo (5.15%), Cross River (3.22%and Ogun (2.90%) followed closely.’’

Similarly, the report stated that Lagos State had the highest domestic debt profile among the thirty-six and the FCT accounting for 10.54%.

“Delta (8.15%), Akwa Ibom (5.25%), FCT (5.16%) and Osun (4.97%) followed in that order,’’ the report stated.

The figures were largely affected by foreign exchange rates and increased government borrowing to get the nation out of recession.