HERE ARE SOME FACTS ABOUT NIGERIA'S PUBLIC DEBT AS OF JUNE 2022 

Did you know that Nigeria is indebted to Nigerians more than to foreigners, as Nigerians make up about 73% of the total value of debts in local currency with only 27% in foreign currency? 

The federal and state governments owe a combination of domestic and foreign debts. Here are some facts to know about the country's debt as of June 2022 which stands at $151.3 billion:

FACT 1

According to data from the Central Bank of Nigeria (CBN), the total public debt in Nigeria is an estimated $151.3 billion as of June 2022, relative to an estimated $103.3 billion reported by the Debt Management Office (DMO). The difference is the CBN’s whopping N20 trillion ($48 billion) in Ways and Means lending to the government, which rose further to N22 trillion as of September 2022. 

FACT 2

According to the data from the DMO, Nigeria’s total domestic debt is about N26.3 trillion out of which the states owe N5.2 trillion. Most of the debts are denominated as FGN Bonds, State Bonds, Sukuks, Treasury Bills, and Green bonds.

FACT 3

The latest data as of June 2022, confirms Nigeria’s total external debt balance is $44.6 billion up from $43.1 billion as of December 2021.

FACT 4

Nigeria’s foreign debt is owned by several countries and institutions and, Eurobonds make up the largest chunk with about $15.6 billion about 36% of the external debt borrowing of the government.

FACT 5

Multilateral institutions such as the World Bank and IMF lent Nigeria about $13 billion and $3.2 billion respectively. The AFDB, which Nigeria partly owns as one of its largest shareholders, lent Nigeria about $2.8 billion in loans.

FACT 6

Nigeria is also indebted to about five countries owing them a combined $4.73 billion as of June 2022. China is owed the highest with about $3.95 billion or about 83.5% of the total owed to countries.

FACT 7

Nigeria’s largest creditors are Nigerians. Government securities total about N26 trillion or $50.5 billion (assuming the official exchange rate of N141/$), and this is owed to pension funds, banks, mutual funds, companies, collection investment schemes etc.

FACT 8

Drawing from their net asset value data for June, Pension funds alone have over N9 trillion in FGN securities, treasury bills, Sukuk and agency bonds.

FACT 9

After Nigerians, the next largest creditor is the CBN with over N20 trillion in Ways and Means loans. This means that Nigeria’s total public debt of about N62.8 trillion is about 33% of the country’s gross domestic product (GDP), which according to international standards is well within limits.

FACT 10

Debts owed to Nigerians is about 73% of the debts in local currency. Only 27% of the total value of debts are in foreign currency totalling $40 billion.

Source:

https://nairametrics.com/2022/11/16/amid-151-3-billion-public-debt-here-are-nigerias-largest-creditors/