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Agriculture

From Rediscover Nigeria desk

  AGRICULTURE   The wealth of a nation is partially measured by its ability to guarantee its citizenry food security.In…

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Manufacturing

From Rediscover Nigeria's Desk

Manufacturing in Nigeria concentrates mainly on the production of consumer goods. With a population estimated today at over 156 million…

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Nigeria! Overview

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From Rediscover Nigeria's Desk

Tourism in Nigeria has huge potentials to be a major foreign exchange earner. The Obasanjo administration has created awareness among…

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Nigeria's Resources

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Nigeria's total verified external debts as at December 2010 was US$4.578 billion as against US$3.947 billion in 2009. Total scrutinized…

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Rediscover Nigeria Debt Management

Debt Management

Since Nigeria's exit from debt to the Paris Club, conscious effort has been made to avoid the events that led to that debt trap and the crippling effect it had on the economy.

The borrowing policy adopted by Government since then is the preferential use of concessional windows (any loan that has a minimum grant element of 35).  As at 2010, 92.71% of all external debt stock was mainly from multilaterals while the balance 7.29% were obtained from non-concessional sources. Most of the loans have been applied to the real sector (79.66%) while the balance of 20.34% are being utilised in other development projects.

Nigeria's total verified external debts as at December 2010 was US$4.578 billion as against US$3.947 billion in 2009. Total scrutinized domestic debt was US$30.514 billion in December 2010 as against US$25.817 billion in December 2009. Nigeria's total internal and external debt as at December 2010 was therefore US$35.0993 billion up from US$25.817 billion at December 2009. This increase of US$9.275 billion was attributed to fresh draw downs on previously approved credits and Federal Government of Nigeria bonds issued worth US$8.342 billion to fund projects. The table below which analyses trends of Nigeria's public debt since 2006 indicates that domestic debts have continued to dominate.

 

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