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Bonds Account for 73% of FG’s N19.24trn Domestic Debt, Says DMO
*Lagos, Rivers, Ogun, A’Ibom most indebted
Ndubuisi Francis in Abuja
FGN Bonds make up N13.963 trillion or 72.56 per cent of the aggregate N19.243 trillion domestic debt obligations standing against the federal government, according to the latest figures released by the Debt Management Office (DMO). As at December 31, 2021, the total public debt stock of the federal government, Federal Capital Territory (FCT), and states stood at N39.566 trillion.
The federal government accounted for N33.228 trillion of the total debt load, with domestic and external components amounting to N19.243 trillion and N13.885 trillion, respectively, the record showed.
The 36 states and the FCT owed a total of N6.428 trillion of the total debt stock during the review period.
Data posted by the DMO indicated that the debt instruments accounting for the federal government’s N19.243 trillion domestic debt obligations were: FGN Bonds, N13, 963,219,813,592.00 (72.56 per cent); followed by Nigerian Treasury Bills (NTBs), N3, 786,137,291,000.00 (19.68 per cent); and Nigerian Treasury Bonds, N75, 988,000,000.00 (0.39 per cent).
Others are FGN Savings Bond, N16, 424,055,000,000 (0.09 per cent); FGN Sukuk, N612, 557,000,000.00 (3.18 per cent); Green Bond, N25, 690,000,000.00 (0.13 per cent); and Promissory Notes, N762, 540,955,111.00 (3.96 per cent).
As at December 31, 2021, Lagos State retained its status as the most indebted state with total domestic debt stock of N658 billion. Rivers State was next with N225.5 billion, followed by Ogun State, N232 billion; Akwa Ibom State, N214.6 billion; and Imo State, N205 billion.
Cross River was next with N159.8 billion; Bayelsa followed with N154 billion, while Delta owed N154 billion, and Plateau, N150.4 billion.
The least indebted states were Jigawa with a debt load of N31.355 billion; Ebonyi, N42.160 billion; FCT, N50, 653 billion; and Kebbi, N52.232 billion.
Similarly, Lagos led the pack in external debt obligations, followed by Kaduna, Cross River, and Edo states with $1.333 billion, $595.1 million, $279.7 million, and $276.2 million, respectively.
The total external debt of states and the FCT amounted to $4.75 billion or 12 per cent of the total external debt of $38.3 billion.
The federal government accounts for the biggest chunk of the external debt of $33.62 billion out of the $95.77 billion (N39.566 trillion) total public debt stock just released by the DMO.
