Nigeria`s Current External (as of June 30, 2007) and Domestic (as of March 2007) Debt Profiles
August 21, 2007 | posted by Nigerian Muse (Archives)



 

STAR INFORMATION:  Nigeria's Current External (as of June 30, 2007) and Domestic (as of March 2007) Debt Profiles

 

Compiled by NigerianMuse.com [August 21, 2007]

 

 

 

 

DEBT MANAGEMENT OFFICE

 

TABLE 1: Nigeria's External Debt Stock as at 30th June, 2007

in millions of USD

 

Sources:

 

http://www.dmo.gov.ng/debtprofile/resources/externaldebtlibrary/DebtStock.pdf

 

http://www.dmo.gov.ng/debtprofile/resources/externaldebtlibrary/Debt_Stock83-04.pdf

 

 

 

Category

Principal Balance

Principal Arrears

Interest Arrears

Total

Per centage

 

1

2

3

4

5

MULTILATERAL

World Bank Group

 

 

 

 

 

IBRD

 424.88

 0.00

 0.00

 424.88

 

IDA

1,623.74

 0.00

 0.00

1,623.74

 

 

 

 

 

 

 

IFAD

 43.66

  0.00

 0.00  

 43.66

 

 

 

 

 

 

 

African Dev. Bank Group

 

 

 

 

 

ADB

 383.51

 0.00

 0.00

 383.51

 

ADF

 206.99

 0.00

 0.00  

 206.99

 

 

 

 

 

 

 

Ecowas Fund

 0.00

 0.00

 0.00

 0.00

 

EIB

 0.00

 0.00

 0.00

 0.00

 

EDF

 136.70

 0.00  

 0.00

 136.70

 

 

 

 

 

 

 

SUB-TOTAL

  2,819.48

  0.00

 0.00

2,819.48

  84.21%

 

 

 

 

 

 

PARIS CLUB

 0.00

 0.00

 0.00

 0.00

 0.00%

NON – PARIS BILATERAL   

156.53

 0.000

  0.000

 156.53

 

   

 156.53

 0.00

 0.00

 156.53

 4.67%

 

 

 

 

 

 

LONDON CLUB

 0.00

 0.00

 0.00

 0.00

 0.00%

 

 

 

 

 

 

PROMISSORY NOTES

 0.00

 0.00

 0.00

 0.00

 0.00%

 

 

 

 

 

 

NON-PARIS COMMERCIAL

 372.21

 0.00

 0.00

 372.21

 11.12%

 

 

 

 

 

 

GRAND TOTAL   30th June 2007

3,348.22

  0.00

  0.00

3,348.22

  100.00%

 

 

 

 

 

 

GRAND TOTAL 31st December 2006

3,544.49

 0.00

 0.00

3,544.49

100.00%

 

 

 

 

 

 

GRAND TOTAL 31st December 2005

20,477.97

 0.00

 0.00

20,477.97

100.00%

 

 

 

 

 

 

GRAND TOTAL 31st December 2004

35,944.66

 0.00

 0.00

35,944.66

100.00%

 

 

 

 

 

 

GRAND TOTAL 31st December 2003

32,916.81

 0.00

 0.00

32,916.81

100.00%

 

 

 

 

 

 

GRAND TOTAL 31st December 2002

28,396.89

 0.00

 0.00

28,396.89

100.00%

 

 

 

 

 

 

GRAND TOTAL 31st December 2001

25,012.01

 0.00

 0.00

25,012.01

100.00%

 

 

 

 

 

 

GRAND TOTAL 31st December 2000

24,783.77

 0.00

 0.00

24,783.77

100.00%

 

 

 

 

 

 

GRAND TOTAL 31st December 1999

24,509.90

 0.00

 0.00

24,509.90

100.00%

 

 

 

 

 

 

GRAND TOTAL 31st December 1998

25,132.70

 0.00

 0.00

25,132.70

100.00%

 

 

 

 

 

 

GRAND TOTAL 31st December 1997

27,087.80

 0.00

 0.00

27,087.80

100.00%

 

 

Notes: (1) The stock increased from $3,287m to $3,348m due to the fall in dollar value vis-a-vis other currencies and the revision of the total amount disbursed for Papalanto and Omotosho loans to PHCL.

 

(2) The composition of Non-Paris Club and Commercial loans changed to reflect the changes advised during the last validation exercise by Mr. Maro Joe

 

Source: Debt Management Office, Nigeria

 

 

 

 

DOMESTIC DEBT PROFILE FOR NIGERIA

 

Source:  http://www.dmo.gov.ng/publications/resources/UNDERSTANDING%20NIGERIA%20domestic%20debt%20FINAL.pdf?PHPSESSID=02baabca8eb4c5989068f8473f7a91c4

Nigeria's Domestic Debt :  The Current Situation

[August 9, 2007]

 

 

 

Table 2a: Composition of Domestic Debt Portfolio (End-December, 2000)

 

Security Type

 Amount

(N'billion) 

%

of Total

NIGERIAN TREASURY BILLS

 465.5

 51.8

TREASURY BONDS

430.61

47.9

FRN DEV STOCKS

2.11

0.23

FGN BONDS

0.0

  0.0

TOTAL

 898.254

 100.00

 

Table 2b: Composition of Domestic Debt Portfolio (End-March, 2007)

 

Security Type

 Amount

(N'billion)

 %

of Total

NIGERIAN TREASURY BILLS

 698.11

 37.40

TREASURY BONDS

 413.59

 22.16

FRN DEV STOCKS

 0.720

 0.04

FGN BONDS

 753.94

 40.40

TOTAL

 1,866.37

 100.00

 

 

Table 3: Yearly Analysis of Change in FGN Domestic Debt Portfolio

2005- End March 2007

 

Year of Issue

 Amount of Debt Stock (N'bn)

 Change in Debt Stock (N'bn)

 Type of Instrument

 Purpose of Change in Stock

2005

1,525,906

155,581

FGN BONDS

& NTBs

*2nd FGN Bonds of N178.27 bn broken

down as:

*Funding of N108.27 bn capital

expenditure

*N70 bn for 2005 budget deficit

*OMO of CBN NTBs (N 16 bn), Dev. St.

(N 0.27 bn), T-Bonds (N 5bn)

2006

1,753,259

227,353

FGN BONDS

& NTB's

*N45bn to part finance budget deficit

*Agency Bonds for 3 DFI's (N15 bn)

*Local Contractors (N91.6 bn) &

Pension Arrears (N75 bn)

2007 (End-

March)

1,863,768

110,509

FGN BONDS

& NTB's

*Part financing FGN budget deficit (N80

bn) so far

*Tinapa Bonds (N25 bn) in NTBs

*OMO CBN (N 5 bn)

 

 

Table 4: Total Pubic Debt as % of GDP

 

Country

%

Standard & Poor

S & P Rating

Lebanon

 209.0

BB

Japan

 176.2

AA

Jordan

 72.2

BB

Morocco

 70.9

BB

Germany

 66.8

AAA

France

 64.7

AAA

Turkey

 64.7

BA3

US

 64.7

AAA

Argentina

 61.0

B

India

 52.8

BB

Brazil

 50.0

BB

Vietnam

 47.5

BA3

UK

 42.2

AAA

South Africa

 32.9

BB

Korea

 31.9

A2

China

 22.1

A

Romania

 21.4

BBB

Nigeria

 10.4

BB

Russia

  8.0

BB

 

Source: The World Fact Book, 2007

 

Note:  These are Sovereign credit ratings, which indicate the risk level of the investing environment of a country and is used by investors looking to invest abroad.

 

 

QUOTE

 

http://en.wikipedia.org/wiki/Standard_%26_Poor%27s

 

[S&P]  issues both short-term and long-term credit ratings.

Long-Term Credit Ratings

S&P rates companies on a scale from AAA to D. Intermediate ratings are offered at each level between AA and CCC ( i.e., BBB+, BBB and BBB-). For some companies, S&P may also offer guidance (termed a "credit watch") as to whether it is likely to be upgraded (positive), downgraded (negative) or uncertain (neutral).

Investment Grade

  • AAA  : the best quality companies, reliable and stable
  • AA  : quality companies, a bit higher risk than AAA
  • A  : economic situation can affect finance
  • BBB  : medium class companies, which are satisfactory at the moment

Non-Investment Grade (also known as junk bonds)

  • BB  : more prone to changes in the economy
  • B  : financial situation varies noticeably
  • CCC  : currently vulnerable and dependent on favorable economic conditions to meet its commitments
  • CC  : highly vulnerable, very speculative bonds
  • C  : highly vulnerable, perhaps in bankruptcy or in arrears but still continuing to pay out on obligations
  • CI  : past due on interest
  • R  : under regulatory supervision due to its financial situation
  • SD  : has selectively defaulted on some obligations
  • D  : has defaulted on obligations and S&P believes that it will generally default on most or all obligations
  • NR  : not rated

Short-Term Issue Credit Ratings

S&P rates specific issues on a scale from A-1 to D. Within the A-1 category it can be designated with a plus sign (+). This indicates that the issuer's commitment to meet its obligation is extremely strong. Country risk and currency of repayment of the obligor to meet the issue obligation are factored into the credit analysis and reflected in the issue rating.

  • A-1  : obligor's capacity to meet its financial commitment on the obligation is strong
  • A-2  : is susceptible to adverse economic conditions however the obligor's capacity to meet its financial commitment on the obligation is satisfactory
  • A-3  : adverse economic conditions are likely to weaken the obligor's capacity to meet its financial commitment on the obligation
  • B  : has a significant speculative characteristics. The obligor currently has the capacity to meet its financial obligation but faces major ongoing uncertainties that could impacts its financial commitment on the obligation
  • C  : currently vulnerable to nonpayment and is dependent upon favourable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation
  • D  : is in payment default. Obligation not made on due date and grace period may not have expired. The rating is also used upon the filing of a bankruptcy petition.

UNQUOTE

 






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