Nigeria’s Foreign Debt Stands At 4.2 Trillion Naira – NBS
It depends on who you are, this may sound normal or crazy.
The total money Nigeria owes foreign countries and investors is 11 billion dollars, about 4.2 trillion Naira, if you use the conservative parallel market rate of 385 Naira per dollar.
The National Bureau of Statistics, NBS, disclosed this on Wednesday while noting that its domestic debts – money borrowed in Nigeria here - was 14.02 trillion in 2016.
The NBS said the sum reflected the total amount states’ and Federal Governments owe.
The report showed that 7.99 billion dollars was borrowed from several countries; $198.25 million dollars was borrowed from one country through an agreement between Nigeria and affected country while 3.22 billion dollars was borrowed from the Exim Bank of China by the Federal Government.
“Total Federal Government's 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%.
“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, which further gave a breakdown of the Federal Government’s domestic debt stock, showing by what means the money was borrowed, reflected that 7.56 trillion Naira or 68.41% of the debt were in Federal Government Bonds.
About “3.28 trillion Naira or 29.64% are in treasury bills and 215.99 million Naira 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%.
“The State also has the highest domestic debt profile among the thirty-six and the FCT accounting for 10.54%,” the report said.