Connect with us

Economy

Lagos, Delta, Rivers, Akwa Ibom Top Domestic Debt List

Published

on

debt
  • Lagos, Delta, Rivers, Akwa Ibom Top Domestic Debt List

With a debt of N1.18tn, Lagos and three oil producing states – Delta, Rivers and Akwa Ibom – are the most indebted state governments in the country in terms of domestic debt, analysis of the subnational public debts has shown.

The 36 states of the federation as well as the Federal Capital Territory Administration had a combined domestic debt of N3.85tn as of December 31, 2018, the data obtained from the Debt Management Office on Sunday revealed.

This represents 23.15 per cent of the country’s domestic debt portfolio of N16. 63tn, leaving the Federal Government with N12.77tn representing 76.84 per cent of the domestic debt portfolio.

The four states – Lagos, Delta, Rivers and Akwa Ibom – hold 30.71 per cent of the total domestic debt owed by the subnational governments in the country.

Among the four states, Lagos State is on top of the list with a domestic debt of N530.24bn. This means that Lagos State alone holds 13.76 per cent of the country’s subnational domestic debt.

Our correspondent had in April exclusively reported that Lagos with a foreign debt commitment of $1.43bn held 33.81 per cent of the country’s foreign subnational debt portfolio.

Delta State, on the other hand, has a domestic debt commitment of N228.81bn which translates to 5.94 per cent of the country’s subnational domestic debt portfolio.

Rivers State comes third on the domestic debt portfolio with a commitment of N225.59bn, which translates to 5.85 per cent of the country’s subnational domestic debt.

Akwa Ibom State, fourth on the list, owes a total of N198.66bn. This represents 5.16 per cent of the nation’s subnational domestic debt portfolio.

Other states that are high on the domestic debt list include another oil producing state, Cross River, with a domestic debt commitment of N167.96bn; FCT Administration, N164.25bn; and Osun, N148.1bn.

Others are Bayelsa with a domestic debt commitment of N130.04bn; Ekiti, N118.01bn; Kano, N117.08bn; Plateau, N100.37bn; Imo, N98.78bn; Ogun, N98.72bn; Benue, N 97.35bn; and Oyo, N91.52bn.

The least indebted states (domestic) include Yobe State with a domestic commitment of N27.77bn; Katsina, N30.85bn; Jigawa, N35.16bn; Anambra, N33.49bn; Niger, N41.83bn and Ondo, N49.12bn.

In foreign debt, Lagos is followed by Edo State with a foreign debt portfolio of $276.25m representing 6.53 per cent of the subnational foreign debt portfolio.

Following Edo is Kaduna State with a foreign debt portfolio of $227.25m representing 5.37 per cent of the country’s subnational foreign debt as of December 31, 2018.

Cross River State completes the list of the top four on the foreign debt with a portfolio of $188.77m representing 4.46 per cent of the subnational foreign debt portfolio.

Other top debtors in the foreign debt category include Bauchi, $133.93m; Enugu, $126.18m; Anambra, 107.04m; Ekiti, $106.21m; Oyo, $105m; Ogun, $103.26m; Osun, $99.08m; Abia 98.58m and Adamawa, $97.79m.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

Fall in Economic Activities in Nigeria Created N485.51 Billion Fiscal Deficit in January -CBN

Published

on

Dollar thrive in Nigeria

The drop in economic activities in Africa’s largest economy Nigeria led to a N485.51 billion fiscal deficit in January, according to the latest data from the Central Bank of Nigeria (CBN).

In the monthly economic report released on Friday by the apex bank, the weak revenue performance in January 2021 was due to the decline in non-oil receipts following the lingering negative effects of COVID-19 pandemic on business activities and the resultant shortfall in tax revenues.

In part, the report read, “Federally collected revenue in January 2021 was N807.54bn.

“This was 4.6 per cent below the provisional budget benchmark and 12.8 per cent lower than the collection in the corresponding period of 2020.

“Oil and non-oil revenue constituted 45.4 per cent and 54.6 per cent of the total collection respectively. The modest rebound in crude oil prices in the preceding three months enhanced the contribution of oil revenue to total revenue, relative to the budget benchmark.

“Non-oil revenue sources underperformed, owing to the shortfalls in collections from VAT, corporate tax, and FGN independent revenue sources.

“Retained revenue of the Federal Government of Nigeria was lower-than-trend due to the lingering effects of the COVID-19 pandemic.”

“At N285.26bn, FGN’s retained revenue fell short of its programmed benchmark and collections in January 2020, by 41.3 per cent and 7.5 per cent respectively.

“In contrast, the provisional aggregate expenditure of the FGN rose from N717.6bn in December 2020 to N770.77bn in the reporting period, but remained 14.4 per cent below the monthly target of N900.88bn.

“Fiscal operations of the FGN in January 2021 resulted in a tentative overall deficit of N485.51bn.”

The report noted that Nigeria’s total public debt stood at N28.03 trillion as of the end-September 2020, with domestic and external debts accounting for 56.5 percent and 43.5 percent, respectively.

Continue Reading

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

Published

on

Petrol Importation - investorsking.com

The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

Continue Reading

Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

Published

on

Gas-Pipeline

The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

Continue Reading

Trending