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Nigeria in fiscal crisis as president-elect, governors face N70tn debt
An analysis of the bi-annual data showed that Taraba State increased its external debt by 108.57 percent. Adamawa, Ogun, and Osun states also saw rises in their external debts.
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Nigeria to spend 76 per cent of revenue on debt servicing by 2025, how sustainable is this?
The Debt Management Office, in a press statement, noted that Nigeria’s debt profile could reach N77 trillion by May 2023. The agency pointed out that this is due to the addition of Ways and Means (loans sourced from the Central Bank of Nigeria) totaling N22.72 trillion.
State Governments Contribute 16.74% of Nigeria’s Total Debt
Nigeria’s total public debt rose to N44.06 trillion at the end of September from N42.85 trillion in June 2022.
Nigeria spent more servicing accrued loan interest than principal in last quarter 2020
Nigeria’s debt profile increased by 2.15% in the fourth quarter (Q4) of 2020 to close at ₦32.92 trillion. The fourth quarter saw external debt increased by 4.26%, while domestic debt increased by 0.87%. Total external debt at the end of Q4 was ₦12.71 trillion, and domestic debt closed at ₦20.21 trillion.