The country’s debt profile has risen to N16.29tn, the Debt Management Office has said.

Statistics obtained from the DMO on Tuesday showed that the country’s total debt liability had risen to N16.29tn as of June 30, 2016. As of June 2015, the country’s total debt stood at N12.12tn.

This means that within the one-year period (July 2015 to June 2016), the country’s total debt rose by N4.17tn, or 34.41 per cent.

A breakdown of the country’s debt profile shows that external debt by the federal and state governments stood at $11.26bn or N3.19tn as of June 30, 2016. It was $10.32bn or N2.03tn by July last year.

According to the DMO, the Central Bank of Nigeria’s official exchange rates of N283 to $1 as of June 30, 2016, and N197 as at December 2015 were used in arriving at the naira equivalent of the foreign debt status.

The domestic debt of the Federal Government alone stood at N10.61tn as of June this year, up from N8.4tn a year ago.

This means that within 12 months, the Federal Government’s domestic debt profile rose by N2.21tn or 26.31 per cent.

The domestic debt of the states stood at N2.5tn at the end of June this year, whereas it was N1.69tn in July 2015. This means that within a period of one year, the domestic debt of the states rose by N810bn, an increase of 47.93 per cent.

For domestic debt, FGN Bonds remained the dominant instrument for borrowing from the domestic market, as it accounted for N7.47tn or 70.46 per cent of the Federal Government’s domestic debt profile.

The Nigerian Treasury Bills accounted for N2.9tn or 27.36 per cent of the Federal Government’s domestic debt profile.

Treasury Bonds, on the other hand, accounted for N230.99bn or 2.18 per cent of Federal Government’s domestic borrowing.

Although the Federal Government had for long acknowledged that it was borrowing too much from the domestic debt market and crowding out the private sector, current debt statistics show that the trend has not changed.

The DMO recently said that refinancing 30 per cent of the Federal Government’s domestic debt amounting to N2.56tn within the next one year posed a high risk to the economy.

The DMO, in a document, ‘Nigeria’s Debt Management Strategy 2016-2019’, said at least 30 per cent of the nation’s domestic debt would fall due within a one-year period.

It added that refinancing the 30 per cent component of the domestic debt posed high risk to the economy because of high interest rate.

It stated, “This debt stock is slightly lower than the published FGN’s total debt stock of $55,576.28m (N10,948,526.57m), because the Debt Management Strategy tool treats the NTBs stock based on the discount values and not on the face values; while for the external debt, the tool aggregates the debt by tranche and currency, and applies a common end-period exchange rate. These gave rise to the observed difference.

“The implied interest rate was high at 10.77 per cent, due mainly to the higher interest cost on domestic debt. The portfolio is further characterised by a relatively high share of domestic debt falling due within the next one year.

“Interest rate risk is high, since maturing debt will have to be refinanced at market rates, which could be higher than interest rates on existing debt. The foreign exchange risk is relatively low given the predominance of domestic debt in the portfolio.”

nnachukz:
Destroy our country in all fronts. This man, this group. No genuine plan for the future at all.

obailala:
The increase between June 2015 to June 2016 is due to a change in the exchange rates used in the calculations, i.e. from N197 to N283; they haven't yet even borrowed the trillions they plan to borrow to fund the budget of this year.

obailala:
The increase between June 2015 to June 2016 is due to a change in the exchange rates used in the calculations, i.e. from N197 to N283; they haven't yet even borrowed the trillions they plan to borrow to fund the budget of this year.

Meanwhile if you want to know who really destroyed our country on all fronts, go and ask how much was Nigeria's debt as at May 2010 and also ask how much was this debt as at May 2015. Just FYI, this period between 2010 to 2015 was when Nigeria made its highest income but also the time it incurred devastatingly high debts; even money was borrowed to pay salaries at the time. The truth is painful for sure..

obailala:
The increase between June 2015 to June 2016 is due to a change in the exchange rates used in the calculations, i.e. from N197 to N283; they haven't yet even borrowed the trillions they plan to borrow to fund the budget of this year.

Meanwhile if you want to know who really destroyed our country on all fronts, go and ask how much was Nigeria's debt as at May 2010 and also ask how much was this debt as at May 2015. Just FYI, this period between 2010 to 2015 was when Nigeria made its highest income but also the time it incurred devastatingly high debts; even money was borrowed to pay salaries at the time. The truth is painful for sure..

Drabeey:
This i must say.....
President Mohamdu Buhari is still the best president Nigeria could ever dream of having.

What do we expect in this current low oil price, massive dwindling revenue, and massive loots of the national treasury from the former government.

Some people are just too bittered to face the reality.
Have you heard of the various billions of dollars hanging still in the pocket of our former leaders( even the current ones )
For your info, all these funds are not virtual, they are ejected from the treasury.
Im not saying Nigerians deserves this, yet we should have this believe that as no government in charge wants its subjects to suffer and im sure PMB is doing all he can to arrest the situation.

Im sure the country would have been worse if that clueless govt was allowed to continue.

Why are we even having this fuse?
Jonathan enjoyed massive oil boom and ever soaring revenues, yet the only thing we can say about that dispensation was that ' Nigeria became the biggest economy in Africa'. What nonsense? An economy that couldn't alleviate the suffering in the land. Pls note that there was massive unemployment still. The only thing that was trending then was that that the rich keeps getting richer while the poor were left to their fate.

Note: im not saying pmb is getting it too right, yet we must understand that the external debt is accumulating high because the former government squandered the scarce resources on mediocrity.

Pmb cannot be left out now too, cus he made some policies that got us where we are today, but i disagree to believe that he is the cause of our problem.
Im not left out in this problem guys, been working for a company for close to 4 years now, yet my salary is thesame as when i started. Yet, my salary is a peanut compared to what a graduate should recieve. I practically have to go through rigours to make ends meet, i cut jobs too (only few could relate with that ).
We should see the reasons behind the problems we have not this flimsy excuses we are giving.

Quote me only if you av a meaningful contribution.

Anyways....


Drabeey was Here

vedaxcool:


See how you schooled the ignoramus... they criticize PMB out of narrow minded ignorance and tribalism

cckris:

Is that why Buhari & APC want to sell the LNG?

Omooba77:



why do you write this epistle to defend nonsense. Our roads are getting deplorable by the day,light self going down..

obailala:
The increase between June 2015 to June 2016 is due to a change in the exchange rates used in the calculations, i.e. from N197 to N283; they haven't yet even borrowed the trillions they plan to borrow to fund the budget of this year.

Meanwhile if you want to know who really destroyed our country on all fronts, go and ask how much was Nigeria's debt as at May 2010 and also ask how much was this debt as at May 2015. Just FYI, this period between 2010 to 2015 was when Nigeria made its highest income but also the time it incurred devastatingly high debts; even money was borrowed to pay salaries at the time. The truth is painful for sure..

vedaxcool:

See how you schooled the ignoramus... they criticize PMB out of narrow minded ignorance and tribalism

vedaxcool:


Yes so that you will be healed of the hunger driving you near insanity. It remains insane to celebrate people who have left your future in question.

obailala:
The increase between June 2015 to June 2016 is due to a change in the exchange rates used in the calculations, i.e. from N197 to N283; they haven't yet even borrowed the trillions they plan to borrow to fund the budget of this year.

Meanwhile if you want to know who really destroyed our country on all fronts, go and ask how much was Nigeria's debt as at May 2010 and also ask how much was this debt as at May 2015. Just FYI, this period between 2010 to 2015 was when Nigeria made its highest income but also the time it incurred devastatingly high debts; even money was borrowed to pay salaries at the time. The truth is painful for sure..

Drabeey:



As if there was a time Nigeria had good roads, was there a time your power supply was on for 23hours not to talk of day. Please constructive arguments please.

drss2:
by d time buari APC incompetent govt is through with dis con3, nigeria will be auction on ebay.

Goke7:


unfortunately you are lying, that your hero did not get re-elected does not mean you can just come up with some humpty dumpty theory.

If you don't cure yourself of your beef and hatred, oga not even mfm prayers can help your case.

obailala:
The increase between June 2015 to June 2016 is due to a change in the exchange rates used in the calculations, i.e. from N197 to N283; they haven't yet even borrowed the trillions they plan to borrow to fund the budget of this year.

Meanwhile if you want to know who really destroyed our country on all fronts, go and ask how much was Nigeria's debt as at May 2010 and also ask how much was this debt as at May 2015. Just FYI, this period between 2010 to 2015 was when Nigeria made its highest income but also the time it incurred devastatingly high debts; even money was borrowed to pay salaries at the time. The truth is painful for sure..

Goke7:


unfortunately you are lying, that your hero did not get re-elected does not mean you can just come up with some humpty dumpty theory.

If you don't cure yourself of your beef and hatred, oga not even mfm prayers can help your case.

Drabeey:
This i must say.....
President Mohamdu Buhari is still the best president Nigeria could ever dream of having.

What do we expect in this current low oil price, massive dwindling revenue, and massive loots of the national treasury from the former government.

Some people are just too bittered to face the reality.
Have you heard of the various billions of dollars hanging still in the pocket of our former leaders( even the current ones )
For your info, all these funds are not virtual, they are ejected from the treasury.
Im not saying Nigerians deserves this, yet we should have this believe that as no government in charge wants its subjects to suffer and im sure PMB is doing all he can to arrest the situation.

Im sure the country would have been worse if that clueless govt was allowed to continue.

Why are we even having this fuse?
Jonathan enjoyed massive oil boom and ever soaring revenues, yet the only thing we can say about that dispensation was that ' Nigeria became the biggest economy in Africa'. What nonsense? An economy that couldn't alleviate the suffering in the land. Pls note that there was massive unemployment still. The only thing that was trending then was that that the rich keeps getting richer while the poor were left to their fate.

Note: im not saying pmb is getting it too right, yet we must understand that the external debt is accumulating high because the former government squandered the scarce resources on mediocrity.

Pmb cannot be left out now too, cus he made some policies that got us where we are today, but i disagree to believe that he is the cause of our problem.
Im not left out in this problem guys, been working for a company for close to 4 years now, yet my salary is thesame as when i started. Yet, my salary is a peanut compared to what a graduate should recieve. I practically have to go through rigours to make ends meet, i cut jobs too (only few could relate with that ).
We should see the reasons behind the problems we have not this flimsy excuses we are giving.

Quote me only if you av a meaningful contribution.

Anyways....


Drabeey was Here

luvinhubby:


You have returned with your zombies analysis once more.

[size=18pt]Nigeria debt profile stood at N9 trillion as at 2011[/size] and N12 trillion as at 2015. Mr. Buhari borrowed N4.6 trillion in 1 yr and has not even borrowed for 2016 budget which is additional N1.8 trillion.

Before you resume your chant of crude price and dollars rate, N2.6 trillion is domestic debt.
Buhari wants to kill Nigeria.

cckris:


[size=20pt]Buhari has no right to sell the LNG that neither belong to him nor his region.
[/size]

cjrane:
[size=13pt]Buhari is just borrowing frantically and selling our national assets and airports secretly.

I wonder how Nigeria will survive financially after Buhari.[/size]