Nigeria’s public debt rises 7.3% ytd in Q1

By bne IntelliNews May 8, 2015

Nigeria’s total public debt* reached NGN12.06trn at the end of March, up 7.3% from end-2014, data from the country’s Debt Management Office (DMO) showed. In dollar terms, the debt stock fell 6.2% during the period to $63.51bn, reflecting the depreciation of the local naira currency.

The federal government’s domestic debt grew 7.6% between January and March to NGN8.51trn ($43.2bn), whereas the domestic debt stock of the 36 states and the Federal Capital Territory (FCT) fell 1.1% to NGN1.69trn.

The combined foreign debt of the government and the states narrowed 2.5% ytd to $9.46bn at end-March.

In the structure of the federal government’s domestic debt stock as of end-March, federal government bonds accounted for 63.1%, T-bills made up 33.7%, and T-bonds made up 3.2%.

In the structure of the external debt, multilateral loans accounted for 69.1%, bilateral loans (mainly from China’s Exim Bank) made up 15.1%, and the country’s $1.5bn Eurobond accounted for 15.9%.

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

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