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Nairametrics
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Home Economy Macros

Nigeria spends N977 billion servicing debt in 6 months

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
December 30, 2021
in Macros, Monetary Policy, Public Debt
diaspora remittances, Total credit to the economy rose to N19.54trillion – CBN Governor, CRR debits, P-AADS, #EndSARS: CBN says funds in frozen accounts may be linked to terrorist activities, Covid-19: Court closures impacted revenue generation for courts - Emefiele, P&ID dispute: UK Court orders $200 million guarantee to FG, Leaked letter by Poultry Farmers Association triggered CBN emergency approval to import maize, nImplications of CBN's latest devaluation and FX unification, current account deficit, IMF, COVID-19, CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, MPC Member, BVN, Fitch, Foreign excchange (Forex), Overnight rates crash after CBN’s N1.4 trillion deduction, Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira, CBN to support maize farmers, projects 12.5 million metric tons in 18 months, BREAKING: CBN Upscales Greenwich Trust Limited, grants it's operational license for merchant banking, AGSMEIS: CBN expand beneficiaries to 14,638., CBN expands access to mortgage financing

CBN Governor, Godwin Emefiele

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The cost of domestic debt service of the Federal Government stood at N977.03 billion at end-June 2021, representing an increase of 8.75% compared to N898.39 billion at end-June 2020.

This was disclosed by the Financial Markets Department of the Central Bank of Nigeria in its half-year activity report for 2021.

The Federal Government domestic debt stock outstanding witnessed an upward trend in the first half of 2021, compared with the corresponding period of 2020. As a result, the cost of debt service increased by 8.7%, owing to the increase in Federal Government borrowings to augment its revenue shortfall.

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What the report is saying

  • The Federal Government augmented its revenue shortfall with public financing. The stock of FGN domestic debt outstanding amounted to N17,631.80 billion at end-June 2021.
  • This represented an increase of N2,176.10 billion or 14.08 per cent above N15,455.70 billion, recorded at end-June 2020.
  • Consequently, the cost of debt service increased by 8.75 per cent to N977.03 billion at end-June 2021, from N898.39 billion at end-June 2020, due to the increase in borrowings by the Federal Government
  • In the review period, FGN Bonds worth N900.00 billion was offered, while public subscription and sale stood at N1,726.40 billion and N1,415.00 billion, respectively (Table 5.6). The amount offered comprised new issues and re-openings of FGN Bonds.
  • In the corresponding period of 2020, FGN Bonds issue, subscription and allotment were N615.00 billion, N2,449.97 billion and N1,308.58 billion, respectively. The increase in offer and allotment in the first half of 2021 was attributable to the government’s drive to fund fiscal deficit from the domestic market (Table 5.6).
  • Consequently, the total value of FGN Bonds outstanding at end-June 2021 stood at N13,659.66 billion, compared with N11,673.84 billion at end-June 2020, indicating an increase of N1,985.83 billion or 17.01 per cent.

It added that the holding structure of the instrument indicated that Deposit Money Banks took up N1.25tn or 75.31%, while mandate and internal funds customers, including CBN branches accounted for the balance of N411.22 billion or 24.69%.

Tags: CBNCentral Bank of NigeriaDebt service
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

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