August 7, 2008 Nigeria's External Debt Overhang: Not Yet Over Notwithstanding the country's celebrated exit from Paris and London clubs debt, Nigeria is not yet out of the wood, as a significant chunk of state governments revenue is being deducted at source for external servicing. Special checks by the Economic Confidential reveal that in terms of external debt service revenue ratio, some states have had to surrender a huge proportion of their accruals from the Federation Account... Read More
Oustanding External Debt Stock and Servicing by FG and States In a table of figures provided by the monthly Nigeria's economic news journal, the Economic Confidential, it is revealed that out of $3.65bn of External Debt Stock, $2.11bn or 57.86% was owed by the Federal Government, while the remaining $1.53bn or 42.12% was owed by states and FCT. Only the FG owed the Non-Paris Club creditors amounting to $573.3m. States and FCT were only indebted to multilateral creditors. Lagos State has the highest indebtedness with $243mn and Borno and Zamfara as least indebted states.... See the table Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine |
Wednesday, December 10, 2008
Nigeria's External Debt Overhang and Servicing by FG and States
