Nigeria’s foreign debt rises to $10.3bn

 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.