Nigeria’s debt profile has risen by approximately N5.4 trillion since President Muhammadu Buhari took office in May, 2015, TheCable can report.

According to the Debt Management Office (DMO), Nigeria’s debt profile stood at approximately N12.12 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 $11.41 billion dollars, while its domestic debts was N14.02 trillion respectively in 2016, amounting to N17.5 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 $7.99 billion of the debt was multilateral; $198.25 million was bilateral (AFD) while $3.22 billion from the Exim Bank of China credited to the federal government.

“Total Federal Government debt accounted for 68.72 per cent of Nigeria’s total foreign debt while all states and the Federal Capital Territory (FCT) accounted for the remaining 31.28 percent,” NBS said.
“Similarly, total Federal Government debt accounted for 78.89 per cent of Nigeria’s total domestic debt while all states and the Federal Capital Territory (FCT) accounted for the 21.11 per cent balance.’’

The report further gave a breakdown of the federal government domestic debt stock by instruments reflected that N7.56 trillion or 68.41 per cent of the debt were in federal government bonds.

About “N3.28 trillion or 29.64 per cent are in treasury bills and N215.99 million or 1.95 per cent are in treasury bonds”.
“Lagos State has the highest foreign debt profile among the 36 states and the FCT accounting for 38.70 per cent.
“Kaduna (6.25 per cent), Edo (5.15 per cent), Cross River (3.22 per cent and Ogun (2.90 per cent) 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 per cent.
“Delta (8.15 per cent), Akwa Ibom (5.25 per cent), FCT (5.16 per cent) and Osun (4.97 per cent) 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.

https://www.thecable.ng/nigerias-debt-profile-risen-n5-4trn-buharis-govt

Since Pmb came to power, he has borrowed in two years what GEJ couldn't borrow in six years

Yet he has nothing to show for it

How can the enemies of the country ever have peace

Yet no visible improvement, not even on paper. Our records and reputation have sunk below and beyond what intellect can comprehend or discuss. Now, nobody's talking, only them.

How much was it in dollars then and now?

The way money spill out down the political hierarchy, how will there ever be a notice of change around us? 70% of borrowed money looted 20% to fake contractors 10% if.not 5% implementation. Nawa

Celcius:
Yet no visible improvement.

invisible own nko?

Afonjashapmouth:
Y

At your age? You can't come up with logical thought on the spot? Ndo....

If one fails to ask questions on how to do something, he is bound to churn out waste.

BossKratos:





At your age? You can't come up with logical thought on the spot? Ndo....

U should see my signature first, anyways anything logical you have come up with since ur.birth that is empowering Nigerians Goat

Why??
I thought Buhari has been saving and recovering funds??

I thought Buhari removed fuel subsidy, and is saving the proceeds to combat all these debts

Oh, I remember, Buhari has increased corpers allowee.....
Oh, he has increased minimum wage

Sai baba....

Its not borrowing that's my problem; its the use of the money.
So Pmb should continue borrowing. He shall be probed for the use of the monies after 2019.

there is nothing wrong with borrowing though, if it is used meaningfully and can be paid back comfortably.

The demand for Nigerian debt

Nigerian bonds are proving hugely popular with investors


The Economist explains
Mar 20th 2017by M.F.
NIGERIA’S economy shrank by 1.5% in 2016, its first annual contraction in 25 years. The president, Muhammadu Buhari (pictured, left), recently spent six weeks seeking medical treatment in London. And the country continues to be roiled by Boko Haram jihadists in the north-east and by unrelated militants’ attacks on oil facilities in the Niger delta. Yet investors don’t seem to mind: last month Nigeria issued a 15-year, $1bn eurobond—a bond in a currency other than that of the country issuing it—that was eight times oversubscribed. A second issuance is expected, possibly this month. It will probably be met with similar enthusiasm. What makes investing in Nigeria so attractive?

Nigeria is benefiting from pent-up demand for African sovereign debt. Emerging markets started last year on a very bad footing: depressed currencies, looming interest-rate increases and uncertainty over British and American votes put investors off risky trades. African sovereign bonds suffered more than most. Yields—which move inversely to prices—peaked in February. They dropped gradually throughout the year, but too slowly for many nations to borrow at affordable rates: only three sub-Saharan governments—South Africa, Mozambique and Ghana—sold dollar-denominated debt in 2016. Yet with interest rates in the developed world still low, asset managers remain hungry for returns. Credit funds focused on emerging markets received nearly $10bn in the first two months of this year, almost double the amount pulled out of them in the same period last year, according to EPFR Global, a research firm.

More specific factors have also put Nigeria on investors’ radars. In early February, the country’s finance, budget and central-bank chiefs toured the world’s financial capitals to provide an update on their agenda for reform.

A more detailed plan was published earlier this month. After two years of denial, the government admitted that the economy needs deep adjustments. Investors are cheered by efforts to reduce opportunities for sleaze, such as the introduction of biometric records in the civil service and the merger of multiple treasury accounts into a single kitty, which Nigera started attempting to implement in late 2015. They also liked measures to end wasteful fuel subsidies, improve tax collection and increase VAT. Such pledges make it more likely that the World Bank and the African Development Bank will agree to lend Nigeria a combined $3.5bn to support its 2017 budget.

It is not a one-way bet. External factors cloud Nigeria’s prospects: further rises in American interest rates, following last week’s increase, would strengthen the dollar and make debt repayment more expensive. Fortunately, Nigeria remains one of Africa’s least indebted nations. Should Yemi Osinbajo, the technocratic vice-president (pictured, right) who ran the show while Mr Buhari was unwell, retain authority to drive policy changes, investors will probably keep on giving Nigeria the benefit of the doubt.

Correction (March 21st): A previous version of this explainer said that emerging-market credit funds received about $5bn in the first two months of 2016. In fact that was the amount pulled out of them.



http://www.economist.com/blogs/economist-explains/2017/03/economist-explains-14

Nigerians are you enjoying your change?

BLINGZ88:
there is nothing wrong with borrowing though, if it is used meaningfully and can be paid back comfortably.

yes, borrow soo much money then die and let others clear your debt for you...smart move

raker300:
yes, borrow soo much money then die and let others clear your debt for you...smart move

it's not like he will burn the money or use it to pay prostitutes, he will likely invest borrowed fund in capital expenditure, but still I don't trust Nigerian government with sending, they will always invest in non lucrative ventures.

Where is Lalasticlala sef

Afonjashapmouth:


U should see my signature first, anyways anything logical you have come up with since ur.birth that is empowering Nigerians GOAT

Na wetin born you be that? Empty vessel...

AlhajiSpray:




Na wetin born you be that? Empty vessel...

God blesses ur own parent.. I weep for Ur lack of wisdom