Nigeria’s Debts Profile Hits N26.214trn in Q3’19.
UMORU ABDULKADIR
Amid concerns and criticisms over the nation’s rising debt profile, the National Bureau of Statistics (NBS) Wednesday said that the country’s total debt stock rose to N26.214 trillion in September 2019 from the N25.70 trillion of June.
The NBS disclosed this in its latest report on the country/s total Domestic and Foreign Debt for the third quarter period ended September 30, 2019.
According to the report, the nation’s total debt jumped from N25.70 trillion in March 2019 to N26.214 trillion by the end of September 2019, representing a N44 billion or 1.712 per cent rise in the total debt stock.
A further breakdown of the total public debt showed that N8.27trn or 31.55 per cent of the debt was external while N17.94trn or 68.4 per cent of the debt was domestic.
While the Federal Government’s domestic debt was put at N13.9 trillion, comprising FGN Bonds, FGN Savings Bonds, FGN Sukuk, Green Bond, Promissory Notes, Nigerian Treasury Bills and Bonds, the 36 states and the Federal Capital Territory (FCT) accrued domestic debt of N4.04 trillion as at the end of Q3 period of 2019.
The debt accruable to States in the country during the period rose by N7 billion or 1.76 per cent to N4.04 trillion in the third quarter period of 2019 from N3.97 trillion recorded as of the first quarter period of the same year.
Similarly, of the domestic debt of the N4.04 trillion owed by the States, Lagos state accounted for 10.9 per cent of the total domestic debt stock at N441.1 billion being the highest indebted State, despite recording a decline in its debt stock from the previous N479 billion, while Yobe State has the least debt stock, contributing 0.7 per cent to the total domestic debt stock.
A further breakdown of the figures shows that Rivers with N266.9 billion, Akwa Ibom State (N237.4 billion), Delta (N230.5 billion), Cross River (N167.9bn), Imo (N148.9bn), Osun (N141.7bn), Ogun (140.9bn), FCT (134.8bn) and Bayelsa State with N127.2 billion debt stock to make up the top 10 highest indebted states in Nigeria.
Meanwhile, the actual domestic debt services of the government for Q3 2109, comprising Nigeria Treasury Bills (NTBs), FGN Bonds, Treasury Bonds, FGN Savings Bonds, and the FGN Sukuk Bonds amounted to N606.869 billion higher than a total of N189.832 billion paid in interest in the second quarter of the same year.
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