Nigeria’s foreign debts hit $15.05bn in June – NBS
The National Bureau of Statistics (NBS) said yesterday that Nigeria's external debt stood at 15.05 billion dollars, while the domestic debt portfolio stood at N14.06 trillion in June this year. According to the NBS, this represents a growth of $ 3.64 billion and N0.04 trillion respectively within a period of six months.
Vanguard's research showed that the profile of the foreign debt was 11.41 trillion dollars, while the domestic debt was N14.02 million at the end of December 2016. The BSS in its report on national and foreign debt Nigerian - the debt was multilateral; $ 218.25 million, bilateral, while $ 5.15 million were from the Exim Bank of China, accredited to the Federal Government. The report said: "The total debt of the federal government accounted for 74 percent of Nigeria's total external debt, while all states and the Federal Capital Territory, FCT, accounted for the remaining 26 percent." , the total Federal Government debt represented 78.66 percent of Nigeria's total domestic debt, while all states and the Federal Capital Territory, FCT, accounted for the balance of 21.34 percent. "N7. 5 trillion or 68.41 percent of the debt was in federal government bonds.Next to N3.3 trillion or 29.64 percent is in treasury bills, while N215.99 million or 1.95 percent is in treasury bonds. The report states: "The state of Lagos has the highest external debt profile among the 36 states and the FCT, which represents 37 percent; Kaduna, 6 percent; Edo, 5 percent; Cross River, 4 percent; and Ogun, 3 percent, followed closely. "Similarly, the report stated:" Lagos State had the highest domestic debt profile among the thirty-six states and the FCT, accounting for 10.39 percent hundred; Delta, 8.04 percent; Akwa Ibom, 5.18 percent; FCT, 5.09 percent; "No wonder, says the head of Bancorp Capital In reacting to the figures, the managing director / CEO, Capital Bancorp Plc, Mr. Aigboje Higo said:" It is not a surprise that we are seeing an increase in our profile of debt. The government has always talked about loans to finance the deficit as well as start growth. Yes, we have to be careful, even though the DMO has assured the country that our debt profile is still sustainable. ANCA President Prince Olayiwola Shittu, speaking on behalf of the operators, said: "The main concern is that we use the funds efficiently and grow the economy in an inclusive way in the maritime sector, warned about the pattern of He said: "As long as the foreign deposit is not strengthened, the Naira will continue to be weak against other international currencies. "The implication is that fewer Nigerians will import less cargo and this will lead to job losses for customs agents and carriers and consequently affect customs revenue." Former special adviser to former President Goodluck Jonathan on Maritime Affairs, Leke Oyewole, said: "If borrowed funds are being used to boost agriculture, and small and medium-sized enterprises, retain power to increase production, then the government is on the right track. "Coming out of the recession, the government wants to make sure the dollar stabilizes to boost economic activity and create jobs, so Nigerians should not panic, but if monies are being used to pay the debt, then we are going to be in a big economic problem. "Increase of debt will have a negative impact Mr. Ayo Akande of Scib Insurance Brokers said:" You can not rule out any country's indebtedness, even in which the economy is doing very well. However, borrowed money must have an impact on every citizen of the country. "Although lending continues to grow, it will have a negative impact on the economy because debt has to be addressed and the service will put pressure on the economy." In addition, the lender matters a great deal because some organizations like the IMF could dictate the devaluation of their currency when debt grows to a certain extent. Therefore, if we depend on borrowed money, interest will continue to grow and if lending continues to grow, it will have a negative impact on the country because it will have to pay back capital and interest. "
Vanguard's research showed that the profile of the foreign debt was 11.41 trillion dollars, while the domestic debt was N14.02 million at the end of December 2016. The BSS in its report on national and foreign debt Nigerian - the debt was multilateral; $ 218.25 million, bilateral, while $ 5.15 million were from the Exim Bank of China, accredited to the Federal Government. The report said: "The total debt of the federal government accounted for 74 percent of Nigeria's total external debt, while all states and the Federal Capital Territory, FCT, accounted for the remaining 26 percent." , the total Federal Government debt represented 78.66 percent of Nigeria's total domestic debt, while all states and the Federal Capital Territory, FCT, accounted for the balance of 21.34 percent. "N7. 5 trillion or 68.41 percent of the debt was in federal government bonds.Next to N3.3 trillion or 29.64 percent is in treasury bills, while N215.99 million or 1.95 percent is in treasury bonds. The report states: "The state of Lagos has the highest external debt profile among the 36 states and the FCT, which represents 37 percent; Kaduna, 6 percent; Edo, 5 percent; Cross River, 4 percent; and Ogun, 3 percent, followed closely. "Similarly, the report stated:" Lagos State had the highest domestic debt profile among the thirty-six states and the FCT, accounting for 10.39 percent hundred; Delta, 8.04 percent; Akwa Ibom, 5.18 percent; FCT, 5.09 percent; "No wonder, says the head of Bancorp Capital In reacting to the figures, the managing director / CEO, Capital Bancorp Plc, Mr. Aigboje Higo said:" It is not a surprise that we are seeing an increase in our profile of debt. The government has always talked about loans to finance the deficit as well as start growth. Yes, we have to be careful, even though the DMO has assured the country that our debt profile is still sustainable. ANCA President Prince Olayiwola Shittu, speaking on behalf of the operators, said: "The main concern is that we use the funds efficiently and grow the economy in an inclusive way in the maritime sector, warned about the pattern of He said: "As long as the foreign deposit is not strengthened, the Naira will continue to be weak against other international currencies. "The implication is that fewer Nigerians will import less cargo and this will lead to job losses for customs agents and carriers and consequently affect customs revenue." Former special adviser to former President Goodluck Jonathan on Maritime Affairs, Leke Oyewole, said: "If borrowed funds are being used to boost agriculture, and small and medium-sized enterprises, retain power to increase production, then the government is on the right track. "Coming out of the recession, the government wants to make sure the dollar stabilizes to boost economic activity and create jobs, so Nigerians should not panic, but if monies are being used to pay the debt, then we are going to be in a big economic problem. "Increase of debt will have a negative impact Mr. Ayo Akande of Scib Insurance Brokers said:" You can not rule out any country's indebtedness, even in which the economy is doing very well. However, borrowed money must have an impact on every citizen of the country. "Although lending continues to grow, it will have a negative impact on the economy because debt has to be addressed and the service will put pressure on the economy." In addition, the lender matters a great deal because some organizations like the IMF could dictate the devaluation of their currency when debt grows to a certain extent. Therefore, if we depend on borrowed money, interest will continue to grow and if lending continues to grow, it will have a negative impact on the country because it will have to pay back capital and interest. "
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