NBS Puts Domestic Debt Stock at N16.63tn, Foreign $25.27bn

External component at variance with DMO estimate

The country’s total domestic debt stood at N16.63 trillion while the foreign component was valued at $25.27 billion as at December 31, 2018, according to the National Bureau of Statistics (NBS).

A breakdown of the foreign debt profile showed that $11.01 billion accounted for the multilateral portion including $344.63 million as bilateral (AFD) and another $2.75 billion bilateral from the Exim Bank of China, JICA, India and KFW.

The sum of $11.17 billion was commercial debt, which are basically Eurobonds and Diaspora Bonds.

Lagos State has the highest foreign debt profile among the 36 States and the FCT, accounting for 5.64 per cent while Edo (1.09 per cent ), Kaduna (.0.90 per ) and Cross River (0.75 per cent ), followed closely.

In the same vein, of the total domestic debt stock of N16.63 trillion, Lagos State accounted for 3.19 per cent of the total domestic debt while Yobe had the least debt stock in the category with a contribution of 0.17 per cent to the total domestic debt stock.

The figures from the statistical agency came barely a week after the Debt Management Office (DMO) had released figures, which indicated that the country’s total public debt stood at N24.387 trillion ($79.437 billion), indicating a growth of 12.25 per cent or N2.66 trillion year-on-year as at December 31, 2018, compared to N21.7 trillion posted over the same period in 2017.

A breakdown of the debts showed that external debt stood at N7.759.23 trillion ($22 billion), while domestic component stood at N16.627.84 trillion ($56 billion).

The DMO’s Director General, Ms. Patience Oniha, who briefed journalists in Abuja, said the debt figure comprised those owed by federal, states and Federal Capital Territory administrations.

She disclosed that the share of domestic debt dropped to 68.18 per cent from 73.36 per cent as at December 31, 2017 thereby achieving a mix of 68.18 per cent and 31.82 per cent in the debt stock.

However, while the NBS put the external debt stock at $25.27 billion, the DMO indicted about $22 billion.