Nigeria’s public debt edges up 0.5% q/q in Q2

By bne IntelliNews July 27, 2015

Nigeria’s total public debt* reached NGN12.12trn ($63.81bn) at the end of June, up 0.5% from end-March, data from the country’s Debt Management Office (DMO) showed. The debt stock was equal to 12.7% of GDP, according to bne IntelliNews calculations.

The federal government’s domestic debt shrank 1.3% during the second quarter of the year to NGN8.4trn (8.8% of GDP), whereas the domestic debt stock of the 36 states and the Federal Capital Territory (FCT) remained largely unchanged at NGN1.69trn (1.8% of GDP).

On the other hand, the combined foreign debt of the government and the states expanded by 9.1% q/q to $10.32bn (2.1% of GDP) at end-June.

In the structure of the federal government’s domestic debt stock as of end-June, federal government (FGN) bonds accounted for 63.1%, T-bills made up 33.6%, and T-bonds made up 3.2%.

In the structure of the external debt, multilateral loans accounted for 70.1%, bilateral loans (mainly from China’s Exim Bank) made up 15.4%, and the country’s $1.5bn Eurobond accounted for 14.5%.

* includes the domestic and external debt of the federal government and the states

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