NBS: See how much each Nigerian owes as Public debts increases to N87.4 trillion

AN analysis of Nigeria’s public debt stock, released by the National Bureau of Statistics, has shown that each Nigerian currently owes N396,376.19 in terms of debt per capita.

The NBS published that the country’s total public debt increased by 75.27 per cent from N49.85 trillion in the first quarter of 2023 to N87.38 trillion at the end of the second quarter of 2023. In monetary terms, this is an increase of N37.53 trillion in three months.

The ICIR calculated the debt stock per capita by dividing the total public debts of the country by the country’s population. According to the World Poverty Clock, Nigeria’s population is estimated at 220.4 million.

Breaking down by category, the total external debts by the federal government stood at N29.9 trillion, while the 36 States and the Federal Capital Territory external debts were N3.35 trillion.

For domestic debts, the Federal government’s debt is N48.31 trillion, while for States and FCT is N5.82 trillion.

A report captured that the debts also contain the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria to the Federal government adding that other additions to the debt stock were new borrowings by the Federal government and sub-nationala from local and external sources.

Way and Means Advances is when the Federal government obtains a loan from CBN to meet short-term needs of emergencies. According to Section 38 of the CBN Act, the loan should not exceed five per cent of the country’s previous year’s actual revenue. The ICIR reported how CBN violated the Act by overlending the sum of $49.2 billion to the previous government.

According to NBS, the domestic debt as of the end of June 2023 was N54.13 trillion ($70,264.58 million), while external debt stood at N33.25 trillion ($43,159.19 million).

According to the data bureau, “Lagos state recorded the highest domestic debt in Q2 2023 with N996.44 billion, followed by Delta with N465.40 billion while Jigawa state recorded the lowest domestic debt with N43.13 billion, followed by Kebbi with N60.94 billion. 

Nigerian Domestic and Foreign Debt

“In addition, Lagos state recorded the highest external debt with US$ 1.26 billion, followed by Kaduna with US$569.38 million while Borno state had the least external debt with US$18.75 million, followed by Taraba with US$21.92 million.”

Recall that in April, the World Bank said that Nigeria spent 96.3 per cent of its 2022 revenue to service debts. The ICIR went further to analyse Nigeria’s indebtedness to the World Bank, which grew from $6.29 billion to $13.49 billion in 2022.

By the calculations, each Nigerian owed N384,864 to the international apex bank.

The Director-General of the DMO, Patience Oniha, said that decades of operating budget deficits by successive governments are responsible for Nigeria’s high debt profile. She advised President Bola Tinubu to take cognisance of the situation and prioritise increased revenue generation.

By

Comments

Post a Comment

Popular posts from this blog

WAEC Extends Death Line For WAEC GCE 2020 Registration

Image
The West African Examinations Council (WAEC) has extended the death line for WASSCE FOR PRIVATE CANDIDATES Registration from October 30th to November 6, 2020.  This was made know through her tweeter handler as they tweeted  "WASSCE FOR PRIVATE CANDIDATES, 2020 - SECOND SERIES: FURTHER EXTENSION OF REGISTRATION PERIOD Intending candidates should note that there has been a further extension of the registration period to Friday, November 6, 2020. Thank you.@IamKingDemian @WaleMicaiah @Gidi_Traffic
Read more>>>

Ray Stevenson, actor in 'Thor,' 'RRR' and 'Ahsoka,' dies at 58

Image
British actor, Ray Stevenson, best known for starring roles in “Punisher: War Zone” and the “Rome” television show, has died at the age of 58.   Stevenson died on Sunday May 21 , four days before his 59th birthday,  his publicist confirmed in a statement. A cause of death has not been given.   The Italian newspaper La Repubblica reported he had been hospitalized on the island of Ischia while in production on the film Cassino on Ischia, directed by Frank Ciota.   The Peter Mayhew Foundation, set up by the actor who played Chewbacca in the Star Wars films, tweeted: “We are sad to hear of the passing of Ray Stevenson.   “You may recognize Ray as Baylon Skoll from the upcoming Ahsoka show on Disney+. You may also remember his work as the voice of mandalorian super commando Gar Saxon in The Clone Wars. Our sincerest condolences to his family.”     Born on May 25, 1964, in Lisburn, Northern Ireland, Stevenson began his screen career in the early 1990s, appearing in European TV se
Read more>>>

Tragedy As Truck Crashes Into A School Bus In Enugu Leaving Scores Of Pupils Dead.

Image
An unconfirmed number students have been confirmed dead in a road accident that happened on Wednesday evening, at Mmaku Hill, Awgu Local Government Area of Enugu State. The tragic incident happened at Nkwo junction around 4:30pm when driver of Presentation Nursery and Primary school bus was conveying each students to their various destinations. It was gathered that the accident occurred after the brake of a company truck failed and rammed into a student filled school bus. A source, Spartan Arinze, told our correspondent that the students who are mostly the victims including some staff died immediately after the accident. The tragic accident also claimed the lives of a roadside tyre repairer, cyclist and mechanic, the source said. Others who survived the ghastly accident are currently in a critical condition at University of Nigeria Teaching Hospital (UNTH) Enugu.   “A fatal accident that left many dead, occurred at Mmaku hill when a company truck failed break and crashed with Primary a
Read more>>>

Elton John farewell tour ends after years of 'pure joy'

Image
Elton John told his millions of fans on Saturday night that they would remain in his "head, heart and soul", concluding his marathon farewell tour in Stockholm with one of his biggest hits - Goodbye Yellow Brick Road. The 76-year-old singer has won five Grammy awards in a spectacular career spanning 50 years and nearly 4,600 performances worldwide. "It's been my lifeblood to play for you guys, and you've been absolutely magnificent," he told the audience at Sweden's Tele2 Arena. Elton John paid an emotional tribute to his current band and crew, some of whom have been touring with him for many years. "They're really incredible," he said, "and they are the best, I tell you, the best." He kicked off his show with Bennie and the Jets, and went on to perform many other hits, including Philadelphia Freedom, Tiny Dancer, Rocket Man and Candle in the Wind. His Farewell Yellow Brick Road tour began in North America in 2018, and
Read more>>>

FG, labour talks collapse, NLC begins strike Aug 14

Image
Barely 24 hours after meeting with President Bola Tinubu where an agreement was reached to call off their protests, the rapprochement between the organised labour and the Federal Government appeared to have collapsed as the unions on Thursday night vowed to embark on a nationwide strike from August 14 if their leaders were summoned for contempt of court orders.  The Nigeria Labour Congress hinged its decision on the contempt of court application filed by the Federal Ministry of Justice against the labour leaders on Wednesday. It threatened to down tools should the Federal Government fails to withdraw the lawsuit accusing the labour leadership of disobeying court orders. The NLC President, Joe Ajaero, announced the decision on Thursday night after the union’s National Executive Council meeting which was held in Abuja. In a bid to avert a strike by the labour movement last month, the FG had through the Federal Ministry of Justice secured an order from the National Industrial
Read more>>>