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Home Business News

Nigeria’s debt portfolio increases by ₦9.61 trillion

Emmanuel Abara Benson by Emmanuel Abara Benson
March 15, 2018
in Business News
List of President Buhari's cabinet, President Buhari appoints cabinet members, President Buhari's Cabinet appointment, Ministries Departments and Agencies of Nigeria, 2019 Budget, Process and Industrial Developments Limited, London Arbitration Tribunal, Federal Government, $9 billion U.K judgment, Nigeria's GDP, GDP growth rate

President Muhammadu Buhari

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Nigeria’s debt increased by ₦9.61 trillion between mid-2015 and end of 2017, The Debt Management Office has said.

In a statement to The Punch Newspaper, the Debt Management Office said that Nigeria’s external debt stood at 26.64% as at the end of 2017 compared to the 20.04% that was recorded in 2016. Domestic debt, however, decreased, standing at 73.36% less than the 79.96% that was recorded in 2016.

This 79.25% increase occurred during President Muhammadu Buhari’s presidency. It should be recalled that Nigeria’s debt as at June 30th, 2015 was ₦12.12 trillion, a sharp contrast to the ₦21.73 trillion that was recorded by the end of 2017.

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More details about the debts

The Federal Government of Nigeria is single-handedly owing a total of  ₦12.59 trillion in domestic debts, while the 36 states and the Federal Capital Territory also owe  ₦3.35 trillion local debt. These figures, coupled with the  ₦5.79 trillion jointly owed by the states, the FG and the FCT, put Nigeria’s total debt (as at December 31st, 2017) at  ₦21.73 trillion.

Cause of the increase in external debt

According to the DMO, the increase in Nigeria’s foreign debt was deliberate in that it was aimed at restructuring the debt mix as a way of minimising the high-interest rates of local debts.

The key benefits of the restructuring of the portfolio are the reduction of the government ’s debt service costs , lowering of interest rates in the domestic market and improved availability of credit facilities to the private sector .

We repaid ₦198 bn Nigerian Treasury Bills in December 2017 with the proceeds of Eurobond issuances and we have continued further implementation of the strategy in 2018 , with the issuance of the $ 2. 5bn Eurobonds in February 2018, the proceeds of which is being used to repay maturing domestic debt , starting with N 130 bn NTBs repaid on March 1 , 2018.-DMO

The Debt Management Office went further to state that Nigeria’s debt is within the sustainable threshold of 56% recommended for developing countries. More so, the borrowed monies were intended for developmental purposes, the DMO said. Asides helping to finance Nigeria’s budget, however, the debt also represented about 18.2% of Nigeria’s Gross Domestic Product in the past year.


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Tags: Debt Management OfficeNigeria's debt crisisPresident Muhammadu Buhari
Emmanuel Abara Benson

Emmanuel Abara Benson

Emmanuel Abara Benson is an experienced business reporter and editor. He currently edits articles at Nairametrics. Reach him via email on Emmanuel.abara@nairametrics.com and follow him on Twitter @Mr_Abara for his personal opinions.

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