Federal, State Governments In N9tn Debt’

Nigeria’s total public debt rose from N6.25tn ($40.1bn) in 2010 to N9.04tn ($58.04bn) by the end of December 2012, according to the Debt Management Office.

In its 2013 Report of the Annual National Debt Sustainability Analysis, released in Abuja on Sunday, the DMO said it would issue $100m Diaspora bond in 2014.

Continue after the break. 

The total public debt stock includes external and domestic debts owed by the federal and state governments as well as the Federal Capital Territory.

Over a period of three years – 2010 to 2013 – the nation has had to part with N2.21tn ($14.17bn) in debt service payments.

It stated that Nigeria’s total debt stock – domestic and external for the federal, states and the FCT as of end December 2012, stood at $58,044.58m, representing an increase of $8,624.72m or 17.45 per cent over the amount recorded as of the end of December, 2011.

And for the first time, the DMO, which had been helping states to reconstruct their debts put the domestic debt profile of the states and the FCT at N1.47tn ($9.45bn).

The DMO further said the Federal Government’s contingent liabilities totalled N3.67tn.

According to DMO, ”As of December 31, 2012, the nation’s total public debt stood at N9.04tn ($58.04bn). This represented an increase of N1.3tn ($8.62bn) or 17.45 per cent over the amount recorded at the end of December 2011 N7.47tn ($49.42bn).

The external debt component increased by $860.49m or 15.19 per cent over the amount recorded in 2011 to reach $6.53bn in 2012.”

The breakdown of the total public debt showed that the Federal Government accounted for N6.5tn ($41.97bn) or 72.43 per cent, while that of the states and the FCT stood at N1.47tn ($9.45bn) or 16.31 per cent.

Source: Punch Nigeria

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