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FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States - Politics - Nairaland

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FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by Nemere2020: 9:05pm On Jan 05
The Debt Management Office says the federal government owes 79 per cent of the N20 trillion domestic debt profile as of September 2020.

The FG has N15.846tr as its domestic debt while Lagos state leads with a huge chunk of the N4.19tr owed by the states.

DMO has said Nigeria’s debt profile climbed to N32trn in September.

N12tr is for outstanding external debt while N20tr is for domestic debt of the federal government, FCT and the 36 states.

Analysis
Analysis of the federal government domestic debt shows that bonds account for N11.65tr, treasury bills occupy N2.7tr while promissory Note is N971.9 billion. The rest are Treasury bonds, N100,9bn; Savings bond, 12.5bn; Sukuk, N362.6bn; and Green bond, N25.7bn.

The rest of 21 per cent is owed by the 36 states and the Federal Capital Territory (FCT) which amounts to N4.19tr. of this amount, Lagos is leading the states on the debt list with N493.3bn debt. It is followed by Rivers state with N266.9bn debt, then Akwa Ibom with N239.2bn and Delta with N235.8bn debt.

Other states with high debts are Cross River with N164bn, Ogun with N154bn and Bayelsa with N147bn debt. Yobe has the least debt with N29bn while Jigawa has N36bn debt.

Experts had cautioned the FG and states on dwelling much on debts especially on subscribing to commercial loans of foreign entities like the Eurobond, a facility meant for member countries in Europe, but given on commercial basis to non members to generate more interest.

https://dailytrust.com/fg-owes-79-of-n20tr-domestic-debts-as-lagos-leads-states

Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by thebosstrevor1: 9:16pm On Jan 05
79% OF NIGERIA DOMESTIC DEBT IS OWNED TO NIGERIAN BIG BANKS.

Those Nigerian banks that are assigned too big to fail are the owners of the debts

Nigerian government will keep paying interest on the debts to those banks forever, that is what usury does, it enrich the shareholders. Most of these banks profit isn't from doing anything but from interest on all the loans they give out, banks create money by lending.

Nigerian govt can issue interest free loans and print debt free currency ( naira) then spend these money on building infrastructures, it will create jobs for millions of people and reduce inflation.

These debts Nigerian government keeps owning these banks is the cause of inflation

18 Likes 2 Shares

Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by Nobody: 9:38pm On Jan 05
President Mohammed Buhari is working hard despite the hard economy he is only Borrowing such monies to build infrastructure . Without INFRASTRUCTURE you can't have a good economy , the good thing about this administration is that the infrastructure is visible . It's only IPOBS who are criminals that will never say Good things about this present administration . President Mohammed Buhari may God bless you.
The questions you should ask before Criticizing buhari is
1. how much was crude oil when Jonathan was president
2. why is it wailers can't ask obasanjo to submit himself for probing for spending 16 billion naira on power
3. with the bad and hard economy how was buhari able to sustain development programs like NPOWER

12 Likes 4 Shares

Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by ATEAMS: 9:39pm On Jan 05
There's more than meet the eyes
Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by mrnairaland1(m): 9:39pm On Jan 05
Most of these loans goes into private pockets. Sometimes I get to think if this country named Nigeria will survive the rot that has turned itself to cancer in this nation. Even a new born baby can feel the corruption in the atmosphere. I believe a total reorientation from grassroot would resolve this. So help us God

3 Likes

Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by obicoolnino: 9:39pm On Jan 05
Q
Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by BestOLAD: 9:39pm On Jan 05
undecided
Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by Nobody: 9:40pm On Jan 05
smiley
Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by abragr8: 9:40pm On Jan 05
Going forward let us elect Leaders who are expert in wealth creation.
Those who only know how to borrow money and tax citizens dont have any business to do close to the Government. They need to be in their retirement rocking chair

4 Likes 1 Share

Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by cjudy(m): 9:40pm On Jan 05
grin

Hope no one is surprise or shock here?

This is not new na.

Debt na our second name. Simple

5 Likes

Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by inumidun2010(m): 9:40pm On Jan 05
Just don't know why I Dont understand anything in Economics asides DEMAND and SUPPLY.. You will be hearing terms like Deficit, Net, Gross bla blah... and Na them dey steal pass..
Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by Badonasty(m): 9:40pm On Jan 05
I pray we don't end up like Argentina sha

5 Likes

Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by BlessedNuel(m): 9:41pm On Jan 05
Meanwhile dem still dey borrow from world Bank.

Well,na wetin local man know....just dey observe things from afar
Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by Offpoint1: 9:41pm On Jan 05
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Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by Rareoil(m): 9:41pm On Jan 05
thebosstrevor1:
79% OF NIGERIA DOMESTIC DEBT IS OWNED TO NIGERIAN BIG BANKS.

Those Nigerian banks that are assigned too big to fail are the owners of the debts

Nigerian state government will keep paying interest on the debts to those banks forever, that is what usury does, it enrich the shareholders. Most of these banks profit isn't from doing anything but from interest on all the loans they give out

Nigerian govt can issue interest free loans and print debt free currency ( naira) then spend these money on building infrastructures, it will create jobs for millions of people and reduce inflation

These debts Nigerian state government keeps owning these banks is the cause of inflation

You want CBN to print money Zimbabwe printed money and their economy went into oblivion.

5 Likes 1 Share

Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by obcpascal: 9:42pm On Jan 05
FG debts increased in the last 6years..
Clueless Government

1 Like

Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by jasmine1600: 9:42pm On Jan 05
Yet, nothing to show for it.

1 Like 1 Share

Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by Helpfromabove1(m): 9:43pm On Jan 05
Abeg we no need DNA test again our govt don sell us all
Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by BIGPREEQ: 9:43pm On Jan 05
Lagos I can understand!
But what the hell are those other states borrowing for?
I mean there's nothing to show for the debt they owe?

1 Like 1 Share

Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by ogascomax: 9:43pm On Jan 05
Money that we don't see the visible impart in the country.
Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by Nairalandwizerd(m): 9:43pm On Jan 05
Who is federal government?

Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by Eriggs: 9:44pm On Jan 05
Rewew:
President Mohammed Buhari is working hard despite the hard economy he is only Borrowing such monies to build infrastructure
you are one of the few with sense on this forum..watch how people that support looters for 16 years quote you to wail

1 Like 1 Share

Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by Lagosbynature: 9:44pm On Jan 05
Nuce

1 Like

Re: FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States by Femijohn198: 9:44pm On Jan 05
that shows that each person as a citizens is owing debt of 150,000 per head.

1 Like

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