- 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% |