30.9 C

In three months, FG spent N610.2b to service domestic debts, says NBS





The National Bureau of Statistic (NBS) says the Federal Government has spent a total of N610.2 billion in the first quarter of 2019 to service its domestic loans.

The NBC disclosed disclosed in its first quarterly report for 2019, which covers three months from January to March.

Nigeria’s domestic debts are currently pegged at N13.11 trillion in the first quarter of 2019, which was raised from the issuance of seven financial instruments.

This includes the Federal Government savings bonds with a total debt pool of N9.72 trillion, Federal Government savings bonds with N9.7 billion, Sukuk bond with N200 billion and Green bond with N10.69 billion.

Other instruments used by the Federal Government in raising its domestic debt were the Nigerian Treasury bills with N2.65 trillion, Nigerian Treasury bonds N150.98 billion and Promissory notes with N366.85 billion.

The report also revealed that the Federal Government had spent N120.91 billion on interest payments on the Nigerian Treasury bills.

- Advertisement -

A breakdown of the N120.91 billion shows that the sum of N74.14 billion was spent in January while February and March had N29.68 billion and N17.09 billion respectively.

For the Federal Government bonds, the report stated that N480.84 billion was spent servicing this debt component during the three months period.

A breakdown of the amount showed that N183.62 billion was spent in January, N125.65 billion in February while March had N171.57 billion.

Similarly, the report explained that for the Savings bond component, the sum of N347.91 million was spent on interest on this debt instrument. The interest was paid in this manner, N100.5 million in January, N92.51 million in February while March had N154.89 million.

SBM Intelligence, Nigeria’s leading geopolitical intelligence platform in its analysis in a recent report, advised the Federal Government against further borrowing without a commensurate investment in major infrastructures.

” The debt profile of Nigeria has doubled in the past four years and there is no apparent end in sight.
Meanwhile, there are no major infrastructure or economic investments to show for all the borrowed sums, meaning the debts will be that much harder to repay,” it stated in the report.

- Advertisement -


Author profile

Amos Abba is a journalist with the International Center for Investigative Reporting, ICIR, who believes that courageous investigative reporting is the key to social justice and accountability in the society.

Support the ICIR

We invite you to support us to continue the work we do.

Your support will strengthen journalism in Nigeria and help sustain our democracy.


If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Support the ICIR

We need your support to produce excellent journalism at all times.



300m Africans denied internet access in 2022 – report

AFRICAN governments denied about 300 million people internet access in 2022, according to a...

Buhari condemns bandits’ attack on dozens of vigilantes in Katsina

PRESIDENT Muhammadu Buhari has condemned terrorists' attack on dozens of vigilantes in Yargoje Forest,...

NDLEA intercepts Europe-bound cocaine, heroin, meth consignments at Lagos airport

THE National Drug Law Enforcement Agency (NDLEA) has intercepted large consignments of illicit drugs,...

Naira Scarcity: Bear with CBN, Peter Obi urges 

PRESIDENTIAL candidate of the Labour Party for the 2023 election, Peter Obi, has appealed...

Currency Redesign: N2.7trn still hidden in some Nigerians’ homes – Emefiele

GOVERNOR of the Central Bank of Nigeria (CBN) Godwin Emefiele on on February 3,...

Most Read


Subscribe to our newsletter