Tag: Debt profile

Nigerias debt profile grows by record N46.9tr under Tinubu-led govt.

Aminu Imam

Data published by the Debt Management Office (DMO) has revealed that Nigerias debt portfolio grew by N46.9trillion since the emergence of Bola Tinubu as Nigeria’s President. According to DMO data, as of June 2023, when Tinubu became Nigerias President, the countrys debt profile stood at N87.3 trillion; it however grew to N134.2 trillion as of June 2024.  As of September 2023, the country’s debt  grew to N87.9 trillion, from the N87.3 trillion posted in June 2023; this would mean that within the 3-months period, Nigeria borrowed N600billion. As of December…

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“Nigeria now 3rd largest debtor, owes $16.5bn” – World Bank

Aminu Imam
W'Bank on FG's loans

Nigeria has become the third-largest debtor to the World Bank s International Development Association, (IDA). According to the World Bank, Nigeria had $16.5bn loan exposure as of June 2024, as published in a financial statement dated June 30 2024, recently released by the World Bank. The IDA, a key arm of the World Bank, provides concessional loans and grants to the worlds poorest countries. These loans, characterised by low interest rates and extended repayment periods, are designed to promote economic growth, reduce inequalities, and improve living conditions in developing nations.…

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FG releases details on Nigerias debts under Tinubu

Aminu Imam
Presidency on debt

The Presidency has given more details about Nigerias debt condition under the President Bola Tinubu-led administration. The Presidency explained that contrary to some reports that Nigerias debt stock increased, the nations debt stock decreased by 15% in dollar terms in Q1, 2024. It added that the Government is able and committed to repaying its debt. The explanation was given on Saturday, 31st August, by the Special Assistant to President Tinubu on Social Media, Dada Olusegun, in response to a report by ‘StatiSense’, which quoted the debt profile of Nigeria under…

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States spend N139.92bn servicing external debt in first half of 2024 – NBS

Aminu Imam
NBS on debt

The 36 States of the country have collectively spent about N139.92 billion on servicing external debt in the first half of 2024. This is according to an analysis of Federal Account Allocation Committee (FAAC) data from the National Bureau of Statistics, (NBS). The amount spent is an increase of 122% from the N63.06 billion spent in the same period last year. The data shows that States have moved from spending around N9 billion to over N20 billion monthly, which is more than doubled debt service cost likely due to the naira…

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Nigerias debt-to-GDP ratio crosses 50%; first time ever

Aminu Imam
Edun Tinubu

Nigerias debt-to-GDP (Gross Domestic Product) ratio crossed 50% for the first time ever last week, after the Debt Management Office, (DMO) published the countrys latest public debt figures. According to the DMO, Nigeria now has a public debt portfolio of N121 trillion, consisting of domestic debt of N65.6 trillion and a foreign debt portfolio of $42.1 billion (which is equivalent to N56 trillion when converted to Naira). As of December 2023, Nigerias total GDP was N229.9 trillion in nominal terms, though it grew by only 2.74% in real terms. This…

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Nigerias public debt rose by N24.33tr in three months DMO

Aminu Imam
DMO

Nigerias total public debt has reached N121.67tn, increasing by N24.33tn or 24.99 per cent within three months, the Debt Management Office, (DMO), has announced. The DMO disclosed the new figure in a press release yesterday in Abuja. This new figure is from a total debt of N97.34trillion (108.23billion) as of December 2023. The Public Debt, comprise of Total Domestic and External Debts of the Federal Government of Nigeria, the thirty-six state governments, and the Federal Capital Territory, (FCT). The report read, Nigerias total public debt stood at N121.67 trillion (USD91.46…

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Nigerias public debt stock hits N97.34tr in Q4 2023 NBS

Aminu Imam

Lagos, Delta, Kaduna tops list The National Bureau of Statistics, (NBS), says Nigerias public debt stock rose from N87.91 trillion ($114.35 bn) in the third quarter of 2023 to N97.33 trillion ($108.23 bn) in the fourth quarter of 2024. According to the latest domestic and foreign debt report published by the NBS, Lagos State has the highest debt record in both domestic and foreign or external debt among the 36 States and the Federal Capital Territory, (FCT), at the end of the fourth quarter (Q4) 2024. However, a breakdown of…

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Nigerias public debt hits N97tr in December 2023 DMO

Aminu Imam

The Debt Management Office, (DMO) has announced that Nigerias public debt stock as of 31 December 2023 is N97.341 trillion ($108.229 bn). The agency, which made the announcement  on Friday, noted that the amount comprised domestic and external debt stocks of the Federal Government, the 36 state governments and the Federal Capital Territory (FCT), added that the new figure shows an increase of N9.43 trillion over the comparative figure for 30 September 2023. This was largely because of the new domestic borrowing by the federal government to part-finance the deficit…

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Kaduna:$600m debt profile sparks crisis between Gov. Uba Sani, el-Rufa’i

Aminu Imam

A crisis has emerged between the former governor of Kaduna State, Nasir el-Rufa’i and his political godson, Uba Sani, following the discovery that the State was hugely indebted to a whooping sum of $600 million foreign debt. It was gathered at the weekend that Uba Sani, who had been an aide to el-Rufa’i for years before he became a Senator representing Kaduna-Central senatorial district in the 9th National Assembly, replacing Shehu Sani, the activist. Despite the anomaly and other decision taken by the former governor el-Rufa’i that left bitter taste…

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