The Federal Government total debt including that of the Federal Capital Territory and the 36 states of the federation rose from N8.32tn on September 30, 2013 to N10.84tn on September 30, 2014.
The Statistics released from the website of the Debt Management Office (DMO), in Abuja recently indicated that the N8.32tn did not include the domestic debt of the states in 2013.
Details of the current debt status of the country showed that the external debts of both the Federal and State Governments stood at $9.52bn, that is, N1.48tn.
The domestic debt stock of the Federal Government alone stood at $49.12bn (N7.65tn) as of September 30. The domestic debt of states, on the other hand, stood at $10.97bn (N1.71tn).
In comparison, the external debt of both the Federal and State Governments was at N1.28tn ($8.26bn) as of September 30, 2013. Also, the domestic debt of the Federal Government a year ago was at N7.03tn.
Dissecting the Federal Government’s present domestic debt of N7.65tn by instruments, the Federal Government Bond contributed N4.6tn or 60.12% to the profile; the Nigerian Treasury Bills contributed N2.74tn or 35.76% while Treasury Bonds contributed N315.39bn or 4.12%.
Out of a total external debt of $3.01bn owed by the states, the Lagos State Government owed $1.02bn as of June 2014. Other major holders of the country’s external sub-national debts include Kaduna State which owes $245.51m, Cross River State, $120.21m, Ogun $116.69m; Bauchi, $111.61m; and Oyo, $80.11m.
The states that are least exposed to foreign debts are Borno, $16.07m; Plateau, $22.99m; Taraba, $24.06m; Delta, $24.7m; and Benue, $28.79m.
However, in comparison to the nation’s total external indebtedness, the states owed 32.13%; and left the Federal Government with 67.87%.
The growth of the nation’s debt stock can be seen in the budget for debt servicing. The Federal Government has planned to spend N2.08tn servicing the country’s debt in the next three years.