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Nigeria’s total debt rises to N26.14 trillion  

Nigeria’s total debt stock rose to N26.14 trillion as of the end of September 2019. This is disclosed in the latest report released by the NBS.

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Nigeria close to securing $3 billion World Bank facility, Budget deficit, ECOWAS economy grows by 3.1%, expected to hit 3.3% by end of 2019 , Dangote Refinery would help save $10 billion in forex - FG,, FG monitoring ‘Eco’ adoption by ECOWAS members amidst threat to Naira, FG suspends plan to obtain $22.7 billion loan

Nigeria’s total debt stock rose to N26.14 trillion as of the end of September 2019. This is disclosed in the latest report released by the National Bureau of Statistics (NBS).

The report stated  that the nation’s total debt rose from N25.70 trillion in March 2019 to  N26.14 trillion by the end of September 2019. This means, quarter on quarter, Nigeria’s total debt stock rose by 1.71% or N440 billion.

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Ten States in Nigeria, Foreign Investors abandoned 27 States, as Lagos and Abuja attracted $5.8 billion, tax revenue, Foreign investors dump 29 states in Nigeria, as Lagos attracts $4.97 billion in 3-month , Foreign investors ship $21.14 billion to 22 States in 10-month 

Breakdownof debt stock: Nigeria’s debt stock category for the third quarter of 2019 shows that the country’s total external debt is estimated at N8.27 trillion, constituting 31.55% of total debt for the Federal Government, States, and the FCT.

  • The total domestic debt rose to N17.94 trillion or 68.45% of total debt stock within the quarter.
  • The Federal Government’s domestic debt was put at N13.9 trillion, constituting FGN Bonds, FGN Savings Bonds, FGN Sukuk, Green Bond, Promissory Notes, Nigerian Treasury Bills and Bonds.
  • All the 36 states accrued domestic debt of N4.04 trillion as of the end of September.

A further look into the breakdown of debts accruable to states in Nigeria disclosed that states’ debt profile increased marginally by 1.9% within the last quarter.

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[READ MORE: States’ debt stock hits N5.27 trillion, as Imo, Rivers borrowed the biggest)

Specifically, as of March 2019, total debt accruable to states was estimated at N3.97 trillion, while the figure rose to N4.04 trillion in September 2019.

Analysis of the data shows that Lagos State posted the highest debt stock as of September 2019 with 10% or N441.1 billion, though the state saw a reduction in its debt stock from the previous N479 billion. Other states that make up the top 10 highest indebted states in Nigeria include:

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  • Rivers – N266.9 billion
  • Akwa Ibom – 237.4 billion
  • Delta – N230.5 billion
  • Cross River – N167.9 billion
  • Imo – N148.9 billion
  • Osun – N141.7 billion
  • Ogun– N140.9 billion
  • FCT – N137.8 billion
  • Bayelsa – N127.2 billion

States are in debt trap: It is no longer news that close to 30 states in Nigeria have been described as insolvent. Recall that the Federal Government dished out bailout funds to assist almost 30 states in the past year to pay up workers’ salaries.

While the Federal Government has indicated that it would no longer provide bail-out funds to state governments, the organized Labour Union is bent on the implementation of the new N30,000 minimum wage by states whose revenue sources have plunged over time with rising debt.

Concerns about Nigeria’s rising Debt: In recent months, Nigeria’s debt has gained wide criticisms both within the domestic and international spheres.

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  •  The  African Development Bank (AfDB) recently disclosed that Nigeria spends more than 50% of its revenue on debt servicing.
  • The World Bank has claimed Nigeria’s debt is not sustainable.
  • With Nigeria’s rising debt getting close to the N30 trillion mark, there are calls for fresh concerns in the country.

Patricia
1 Comment

1 Comment

  1. Joshua Akanji

    January 29, 2020 at 1:50 pm

    Please they should stop accumulating debt, they should bring out all the recovered looted money from where they kept it.

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Energy

FG approves new board for NLNG, BGT

The change was necessary because the current board members had been in office since 2005.

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Federal Government has approved the newly reconstituted boards of Nigeria Liquified Natural Gas(NLNG) and Bonny Gas Transport Limited (BGT).

This was disclosed in a statement issued by the Minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja on Monday.

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According to him, the new board, which was approved by President Muhammadu Buhari, was necessary because the current board members had been in office since 2005.

He disclosed that the new board members for the NLNG include Dr Edmund Daukoru as Chaiman, Mr Henry lkem-Obih as a Member and Dr Rabiu Sulaiman as a Member.

Other Members include the Group Managing Director of the Nigerian National Corporation (NNPC), Malam Mele Kyari and the Permanent Secretary, Ministry of Petroleum Resources, Mr Bitrus Nabasu.

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He also said that Daukoru was also approved as the President of the Board of BGT while Doyin Akinyanju and Abdul Abba are members.

The minister noted that Kyari and Nabasu were also members of the board.

“I will like to use this opportunity to thank the chairman and other outgoing board members of NLNG for steering the companies to record successes, particularly the Train 7 FID.

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“l wish the exiting members good health and more successes in their future endeavors.

“To the incoming members of the board, I congratulate you on this appointment; your selection is based on your experience, integrity and expertise.

“I, therefore,urge you to bring all these to bear in the discharge of your responsibilities in line with the progressive agenda of Mr President,” he said.

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The News Agency of Nigeria(NAN) reports that some of the new board members had worked in the industry in the past.

Daukoru was a former Minister of State for Energy and also Secretary General of the Organisation of the Petroleum Exporting Countries in 2006.

He became the Amayanabo, or traditional ruler, of Nembe Kingdom in 2008.

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Also, Ikem-Obih was a former Chief Operating Officer, Downstream of the NNPC and Rabiu a former Group Executive Director at the corporation.

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Patricia
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Hospitality & Travel

Passengers can now arrive 90 minutes before departure for domestic flights – FG

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international passengers, Coronavirus: FG enforces immediate screening of travellers at airports with new directive

The Federal Government has announced the reduction of arrival time for passengers from three hours to one hour and a half before departure for domestic flights.

This was disclosed in a tweet post by the Minister for Aviation, Hadi Sirika, through his Twitter handle on Monday, July 13, 2020.

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The minister said that the decision was arrived at after they have reviewed passenger facilitation at the airport while noting that passengers should check-in online.

In the tweet post, Sirika said, ‘’My colleagues and I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travellers are to arrive one hour and half before their departure time for domestic flights. Travellers are advised to check-in online, please.’’

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It can be recalled that the Federal Airports Authority of Nigeria (FAAN) had earlier in June issued flight resumption protocol for both international and local passengers across the country, advising passengers to arrive at the airport three hours before their time due to the new COVID-19 safety checks for domestic flight operations and five hours for international flight operations.

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Patricia
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Economy & Politics

Seyi Makinde Proposes N3 billion investment plan for water supply

The local governments in Oyo are advised to submit a list of 10 faulty boreholes in the LG. 

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Seyi Makinde Proposes N3 Billion plan for water supply

The Governor of Oyo State, Seyi Makinde announced the proposal of a N3 billion investment plan dedicated to water supply in rural and urban areas of the state.

Speaking through the Chairman of Rural Water Supply and Sanitation Agency (RUWASSA), Mr. Najeem Omirinde in Ibadan on Monday, he added that N500 million of the N3 billion would be used for repairing broken and faulty state-owned boreholes.

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All Chairmen of each of the Local Governments in Oyo are advised to submit a list of 10 faulty boreholes in the Local governments.

The Oyo State governor also ordered that all new boreholes must be compliant with solar-powered pumps, to enable their longevity and save costs.

Urging residents to patronize the agency if they need to dig up boreholes for water, citing that it would be cheaper if done through the state agency than with private drilling companies.

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Minister of Finance, Zainab Ahmed stated last year that Nigeria needs an estimated N36 trillion annually for the next 30 years to solve Nigeria’s infrastructure problem. The investment, although a tiny fraction of what Nigeria needs is a bold step by the Oyo State government.

 

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