Nigeria’s Debt Increases Under Buhari- NBS

President Muhammadu Buhari

Nigerian Bureau of Statistics (NBS) in September released Nigerian states and federal debt stock data as of June 30th, 2017 reflected that the country’s foreign and domestic debt stood at $15.05 billion and N14.06 trillion respectively.

Further dis aggregation of the foreign debt showed that $9.67 billion was multilateral $218.25 million was bilateral (AFD) and $5.15 billion from the Exim Bank of China credited to the Federal Government of Nigeria (FGN).

The FGN had a total debt that accounted for 74 per cent of the nation’s total foreign debt while all states and the Federal Capital Territory (FCT) accounted for the remaining 26 per cent. Similarly, total FGN debt accounted for 78.66 per cent of the country’s total domestic debt while all states and the Federal Capital Territory (FCT) accounted for the 21.34 per cent balance.

A further breakdown demonstrated that the FGN domestic debt stock by instruments posits at 68.41 per cent to 7.56 trillion of the debts, Federal Government bonds at 29.64 per cent to sum 3.28 trillion are in treasury bills and 215.99 million or 1.95 per cent are in treasury bonds.

Lagos state has the highest foreign and the domestic debt profile among the 36 state the FCT accounting for 37 per cent and 10.39 per cent respectively. ,On the foreign debt Kaduna has 6 per  cent, Edo – 5 percent, Cross River – 4 per cent and Ogun – 3 percent, following closely, while domestic debt shows Delta state 8.04 per cent, Akawa ibom state 5.14 per cent, FCT 5.09 per cent and Osun state 4.90 per cent.


Lagos state domestic and foreign debt. Credit – NBS

These figures indicate that the domestic debts of the 36 states and the FCT have been on the rise since 2015 under the present administration. The International Monetary Fund (IMF) added that Nigeria’s growing public debt is due to governments delay in implementing necessary adjustments to fiscal policy.

The NBS data further shows that the figure rose from about 2.503 trillion in 2015 to 2.959 trillion in 2016 before reaching the tipping point of  3.001 trillion in 2017.

The statistics also indicate that out of the total 14.06 trillion national debt stock, the Federal Government accounts for about  11.058 trillion at 78.66 per cent, against about  2.959 trillion at 21.34 per cent by all the states and the FCT.

Granting that the NBS did not make available the Federal Governments’ domestic debt figures for 2015, data obtained from the Debt Management Office (DMO) showed that total domestic debt by instruments as at December 2015 stood at 8.836 trillion.

This comprised of Federal Government bonds which stood at 5.808 trillion at 65.73 per cent; Nigerian treasury bills of  2.773 trillion at 31.38 per cent, and treasury bonds of  255.99 billion at 2.90 per cent.