The nation’s total debt now stands at N8.32tn ($53.42bn), the Debt Management Office has said.
The latest statistics released by the DMO on its website on Monday showed that as of September 30, 2013, the total debt comprised the external debts of the Federal Government and the state governments as well as the domestic debt component of the Federal Government.

This means that the data did not include the domestic debt component of the 36 states of the federation and the Federal Capital Territory Administration.
A breakdown of the debts showed that the external debts of both the Federal and state governments stood at N1.28tn ($8.26bn) as of September 30.
Much of the debts, however, were incurred by the Federal Government from domestic sources as these contributed N7.03tn ($4.15bn) to the total debt stock.

A further breakdown of the domestic component of the total debt stock showed that the Federal Government Bonds contributed N4.22tn or 59.93 per cent of the domestic debt.
The Nigerian Treasury Bills accounted for N2.48tn or 35.31 per cent of the domestic debt component. Treasury Bonds, on the other hand, accounted for N334.56bn or 4.76 per cent of the domestic debt of the Federal Government.
As of June 2011, the total debt of the country stood at $37bn. In terms of instruments, the FGN Bonds accounted for N4.03tn or 58.87 per cent of the Federal Government’s domestic debt stock then.
The Nigerian Treasury Bills accounted for N2.48tn or 36.25 per cent of the domestic debt component.
On the other hand, Treasury Bills accounted for N334.56bn or 4.88 per cent of the total domestic debt owed by the Federal Government.

The Director-General of the DMO, Dr. Abraham Nwankwo, had recently said that compared to the level of foreign debt, the Federal Government had over-borrowed from domestic sources.
While unfolding the nation’s Middle Term Debt Management Strategy, which was approved by the Executive Council of Nigeria, Nwankwo said there was an urgent need to rebalance the structure of the nation’s debt because the interest rate payable on domestic debt was too high.
He said the ratio of the Federal Government’s domestic debt stood at 88 per cent while that of the foreign debt stood at 12 per cent Nwankwo.said the appropriate ratio should be 60 per cent for domestic debt and 40 per cent for foreign debt, adding that the newly approved Medium Term Debt Management Strategy would seek to achieve this ratio. One of the ways of doing this is through the establishment of a sinking fund for retiring local debts that get matured. The second way is by borrowing more from foreign sources. Nwankwo said, “The main objective of the Medium Term Debts is to develop a strategy that would meet the financing needs of the government at a minimum cost, maintain risk at a prudent level and support the development of the market.”


http://www.punchng.com/business/business-economy/nigerias-debt-rises-to-n8-32tn/

SU-37fighter.:
The FG and state governments are responsible for these debt.
Ironically,the most highly-indebted states are APC states.
That of lagos alone is astronomical.
*sit down look mode activated*

bloggernaija: This is exactly the reason why obj kicked this woman out.
Those foriegn banks were in serious need of liquidity and that was the main reason for accepting the $15 billion lump sum debt repayment.
As soon as those debt were paid , this woman immediately wanted obj to start accumulating new debt and structure the economy in a way that suits those primodial foriegn interest.
Baba iyabo promptly kicked her out.
This woman is an apostle of ayn rand and nothing good will ever come out of her.
They will keep talking about increasing GDP but poverty will continue to be the lot of the people.
She is there to serve her Puppet master in the worldbank and IMF.

taharqa: God bless you... Am waiting for the HYPOCRITES for this thread

hercules07:

Can we FG only debt?

bloggernaija: This is exactly the reason why obj kicked this woman out.
Those foriegn banks were in serious need of liquidity and that was the main reason for accepting the $15 billion lump sum debt repayment.
As soon as those debt were paid , this woman immediately wanted obj to start accumulating new debt and structure the economy in a way that suits those primodial foriegn interest.
Baba iyabo promptly kicked her out.
This woman is an apostle of ayn rand and nothing good will ever come out of her.
They will keep talking about increasing GDP but poverty will continue to be the lot of the people.
She is there to serve her Puppet master in the worldbank and IMF.

geeez: Foreign Reserves crashing

Foreign Debt rising

Unemployment rising

Violence rising

Corruption increasing

Fresh Air blowing

trillville: We need to digest the figures to really understand this report.

The nation’s total debt now stands at N8.32tn ($53.42bn), the Debt Management Office has said. the total debt comprised the external
debts of the Federal Government and the state governments as well as the domestic debt component of the Federal Government.

What this statement means is that TOTAL DEBT = FG EXTERNAL + FG DOMESTIC + STATES EXTERNAL = 8.32tn . State domestic debts are not included.


A breakdown of the debts showed that the external debts of both the Federal and state governments stood at N1.28tn ($8.26bn) as of September

Total external debts ( FG EXTERNAL + STATES EXTERNAL ) = 1.28tn
Therefore FG DOMESTIC EQUALS = TOTAL DEBT - TOTAL EXTERNAL DEBT
= 8.32tn - 1.28tn
FG DOMESTIC EQUALS = 7.04tn



What this means is that most of the debt about 88 percent is fg domestic debt so why should any person be blaming the state governments for the debt?

If you look at the following thread, you will see how nairalanders are making money buying government debt
https://www.nairaland.com/878880/treasury-bills-nigeria/38

If you look at the following thread, you will see why the CBN is keeping interest rates on short term loans at over 10 percent.
http://pocketeconomist..com/2013/11/the-fiscal-and-monetary-policy.html?m=1

In the end the bucks stops at the presidents desk so it is fair to say he is single handedly bankrupting Nigeria.

Jmain:

Say what ?

trillville: We need to digest the figures to really understand this report.

The nation’s total debt now stands at N8.32tn ($53.42bn), the Debt Management Office has said. the total debt comprised the external
debts of the Federal Government and the state governments as well as the domestic debt component of the Federal Government.

What this statement means is that TOTAL DEBT = FG EXTERNAL + FG DOMESTIC + STATES EXTERNAL = 8.32tn . State domestic debts are not included.


A breakdown of the debts showed that the external debts of both the Federal and state governments stood at N1.28tn ($8.26bn) as of September

Total external debts ( FG EXTERNAL + STATES EXTERNAL ) = 1.28tn
Therefore FG DOMESTIC EQUALS = TOTAL DEBT - TOTAL EXTERNAL DEBT
= 8.32tn - 1.28tn
FG DOMESTIC EQUALS = 7.04tn



What this means is that most of the debt about 88 percent is fg domestic debt so why should any person be blaming the state governments for the debt?

If you look at the following thread, you will see how nairalanders are making money buying government debt
https://www.nairaland.com/878880/treasury-bills-nigeria/38

If you look at the following thread, you will see why the CBN is keeping interest rates on short term loans at over 10 percent.
http://pocketeconomist..com/2013/11/the-fiscal-and-monetary-policy.html?m=1

In the end the bucks stops at the presidents desk so it is fair to say he is single handedly bankrupting Nigeria.

ayekoto: The nation’s total debt now stands at N8.32tn ($53.42bn), the Debt Management Office has said.
The latest statistics released by the DMO on its website on Monday showed that as of September 30, 2013, the total debt comprised the external debts of the Federal Government and the state governments as well as the domestic debt component of the Federal Government.

This means that the data did not include the domestic debt component of the 36 states of the federation and the Federal Capital Territory Administration.

Plans to sell a record amount of bonds by Nigeria’s Lagos state, which holds sub-Saharan Africa’s biggest city, were approved by the country’s markets regulator.

The Nigerian Securities and Exchange Commission cleared the region’s government to sell 87.5 billion naira ($553 million) of bonds maturing in November 2020, the second and final tranche of a 167.5 billion-naira issuance program that started in November last year, Lagos-based Chapel Hill Denham, the lead book runner, said in an e-mailed statement today.......
http://naija247news.com/2013/11/05/nigerias-lagos-record-bond-approved-biggest-city/#sthash.QjQV8AHX.dpbs

taharqa:

Yea, d same woman who just help yr 'precious' Lagos to get another additional $400million loan from d same World Bank (further making Lagos under Fashola as by far the MOST INDEBTED STATE in d country). You hailed her that day on the thread, and commended d 'sagacity' of d Lagos State Govt.....#BladdiHypocrite

drnoel:
get ur facts right. OBJ did not kick her out, she left cos she told those thick heads that what they were doing will cause a melt dwon of the system but they refused to listen 2 her instead they started antagonizing her so she left.