Economy

FG Foreign and Domestic Debt Stocks as at December 31, 2018

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  • FG Foreign and Domestic Debt Stocks as of December 31, 2018

Nigeria’s total domestic debt as at December 31, 2018, stood at N12.77 trillion, according to the data released by the Debt Management Office (DMO).

Around 73.07 percent of the debt was raised via FGN bonds, while 21.42 percent was borrowed via treasury bills. The remaining 5.58 was borrowed through FGN savings, sukuk bond, green bond, and treasury bonds.

Nigeria’s Domestic Debt Stock by Instrument as of December 31, 2018

Instruments Amounts in Naira % of Total
FGN Bonds 9,334,737,982,592.00 73.07%
FGN Savings Bond 10,750,443,000.00 0.08%
FGN Sukuk 200,000,000,000.00 1.57%
Green Bond 10,690,000,000.00 0.08%
Nigerian Treasury Bills 2,735,967,538,000.00 21.42%
Nigerian Treasury Bonds 150,988,000,000.00 1.18%
Promissory Notes 331,271,738,405.00 2.59%
TOTAL 12,774,405,701,997.00 100.00%

The federal government has started slowing down on local borrowing due to the attractiveness of foreign loans. According to the Central Bank of Nigeria, foreign loans have attractive rates and are cheaper. Therefore, the Federal Government will be focusing more on foreign borrowing to reduce the cost of servicing domestic debt.

The cost of servicing local debt rose to 23.6 percent or N1.7 trillion in 2018. Below is a concise breakdown of Nigeria’s foreign loan.

Nigeria’s External Debt Stock as of December 31, 2018, in Millions of USD

Category Outstanding Debt % of Total
MULTILATERAL    
World Bank Group    
IDA 8,550.11  
IBRD 124.18  
African Development Bank Group    
ADB 1,264.61  
AGTF    
ADF 822.73  
BADEA 5.88  
EDF 61.25  
IDB 16.13  
IFAD 169.45  
SUB-TOTAL 11,014.34 43.58%
BILATERAL    
China (Exim Bank of China)                         2,485.08  
France (AFD) 344.63  
Japan (JICA) 75.16  
India (Exim Bank of India)                            14.79  
Germany (KFW)                                             172.02  
SUB-TOTAL 3,091.68                                                       12.23%
COMMERCIAL    
EUROBONDS      10,868.35  
DIASPORA BOND                                           300.00  
SUB-TOTAL 11,168.35 44.19%
GRAND TOTAL 25,274.36                                                      100%

 

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