Nigeria’s external debt stood at about USD10.3 billion



Nigeria’s external debt stock as at second quarter 2015 stood at about USD10.3 billion, over 10 per cent increase, against USD9.5bn recorded in the first quarter of the year, just as the Federal Government revenue rose to N485.95 billion, up from May figure of N324.7 billion.
 
A release, yesterday, by the Debt Management Office (DMO) of the Federal Government, however, shows an unchanged position in the domestic debt stock at N8.39 trillion against N8.31 trillion in the first quarter.
The breakdown of the external debt stock shows a significant rise in the indebtedness to multilateral institutions (World Bank and African Development Bank Groups) which stood at USD7.23 billion from USD6.54 billion in the first quarter while Bilateral debt stock (owed to countries and or their financial institutions) stood at USD1.58 billion, up from USD1.42 billion.

At USD6.19 billion, the indebtedness to the World Bank Group accounts for the bulk of the debt owed multilateral institutions, increasing from USD5.73 billion, while the African Development Bank Group was owed USD1.04 billion, up from USD810 million.
Further breakdown of the external debt shows that the bulk of Bilateral debt stock was owed to Exim Bank of China amounting to N1.39 billion while the balance of USD194 million Bilateral debt was owed to France, Japan and Germany in aggregate.

The breakdown of the domestic debt stock shows that the bulk is in Federal Government Bond amounting to N5.3 trillion, accounting 63.1 per cent while Nigerian Treasury Bill (NTB) was N2.8 trillion or 33.6 per cent and the balance of N271 billion was in Treasury Bond.
Meanwhile the Federal Ministry of Finance said yesterday that gross government revenues rose for the second consecutive month in June to 485.95 billion Naira, up 33 percent against May figures.
International oil prices rose at the end of April and benchmark Brent futures were sustained at above US$60 a barrel before falling again below that mark a barrel in July. Nigeria depends on oil sales for about 70 percent of its government revenues.


Comments

Post a Comment

Popular posts from this blog

10 World Most Eloquent People

Image
Only the eloquent can adequately describe eloquence. It includes articulation, a mellifluous tone of voice and poise under pressure. To be eloquent is to speak well in a persuasive and deeply thoughtful way. Though it appears to come easily, eloquence does not often come naturally. The most talented speakers often have training in rhetoric and behavioral psychology. Here are 10 great examples of eloquent speakers who have made their mark on the world. 1. Martin Luther King, Jr “I Have a Dream” is perhaps the most powerful speech in American history. In poetic, unequivocal language, he explains how people can live up to their ideals for the sake of their children. 2. Abraham Lincoln In a speech only two minutes long, Lincoln explained the moral justification for the Civil War in his Gettysburg Address. 3. Winston Churchill In a few short years Churchill transformed himself from a burly, unemployed, failed novelist to a leader of the free world with ...
Read more

St. Finbaar’s College, Akoka wins the annual Helmbridge Science Challenge for secondary schools in Lagos State.

St. Finbarr’s College Akoka, Lagos at the weekend won the annual Helmbridge Science Challenge for secondary schools in Lagos State. The school in a six-week-long competition defeated May Day College and Topgrade Secondary School, Surulere in the preliminaries to qualify for the final. The Akoka boys who walked-over Penny International College Coker, the defending champions, for late coming, went into sporadic jubilation on their victory. The News Agency of Nigeria, NAN reports that 16 schools participated in the competition, including Yaba College of Technology Secondary School, St. Finbaar’s College, Penny Internatinal College, Shining Lord’s Secondary and Technical School. Others are St. Michael’s Anglican College, Jubilee Model Grammar school, Fountain Heights Secondary School, St. Gregory’s College and St. Jude’s Private Secondary School. Also in the competition are Methodist Boys’ High School, Birch Freeman High School, Community Senior Grammar School and ABS College. ...
Read more

BIAFRA: IPOB, MASSOB shut down markets, Uwazuruike expelled

Image
  Visit Late Odumegwu Ojukwu’s house to seek his blessing Uwazuruike expelled, Madu takes over as MASSOB leader Forget Biafra, secession —Nwabueze Over seven thousands members of the Indigenous People of Biafra, IPOB, yesterday,   shut   down markets and all commercial activities in Nnewi, Anambra State in solidarity protest for the release of the Director of Radio Biafra, Mr. Nnamdi Kanu, who has been incarcerated by  the Directorate of State Services, DSS, for over one month. Members of the IPOB mobilized from Onitsha, Asaba, Awka, Ekwulobia, Awka-Etiti, Enugu, Imo, Ebonyi and Abia states, converged at  Nnewi from where they marched to the house of the late Ikemba Nnewi, Dim Chukwuemeka Odumegwu Ojukwu to ask for his blessing even in death. This came as constitutional lawyer and leader of eminent group of Nigerians, The Patriots , Professor Ben Nwabueze (SAN),  admonished  the  groups to have a re-think over th...
Read more