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Nigeria’s debt profile rises to N24.95tn in two years

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NIGERIA’s debt portfolio rose by 2.3 per cent to N24.947 trillion (about $81.274 billion) in the first quarter of the year, the Debt Management Office (DMO) said in a report released on Wednesday.

“The Total Public Debt (TPD) grew marginally by 2.30 per cent when compared to the figure of N24.387 trillion (about $79.437 billion) as at December 31, 2018,” the report said.

The increase of N560.009 billion in the TPD in the first quarter, the DMO said, was accounted for largely by domestic debt, which grew by N458.363 billion.”

Increases, the DMO added, were recorded “in the Domestic Debt Stock (DDS) of the Federal Government, states and the FCT.”

External debt also increased by N101.646 billion during the same period.

The debt manager stated: “In relation to the Debt Management Strategy (DMS), the ratio of domestic to external debt stood between 68.49 per cent to 31.51 per cent at the end of March (2019).”

The DMO assured that the TPD to GDP ratio would remain at 19.03 per cent within the 25 per cent debt limit imposed by the government.

From the breakdown, the Federal Government of Nigeria (FGN) and states governments’ external debt portfolio account for 31 per cent of the total debt stock, amounting to N7.860 trillion or ($ 25.609 billion).

With regards to the total domestic stock of the Federal Government and states, this now stands at N17.086 trillion (about $55.664 billion) or 68.49 per cent.

The Federal Government accounts for N13.113 trillion (about $42.721billion) or 52 per cent. States and the FCT account for N3.972 trillion (about $12.942 billion) or 15 per cent. This brings Nigeria’s total debt to N24.947 trillion.

The DMO said to arrive at these figures, the debt profiles of 30 states and the debt stocks of five states were considered.

The states are: Abia, Adamawa, Akwa Ibom, Bauchi, Bayelsa, Benue, Cross River, Delta, Enugu, Gombe, Imo, Jigawa, Kaduna, Kano, Katsina, Kebbi, Kogi, Kwara, Nasarawa, Niger, Ogun, Ondo, Osun, Oyo, Plateau, Sokoto, Taraba, Yobe, Zamfara and the FCT, as at March 31.

The five where the debt stocks were used are: Anambra, Borno, Ebonyi, Ekiti and Lagos. That of Rivers was at September, 2018 in the new figures.

The DMO said it used the Central Bank of Nigeria (CBN) official exchange rate of $1/N306.95 as at March 31, 2019, in converting the domestic debts to dollars.

The states debt stock as March 31, are as follows: Abia N62,849,599,630.68; Adamawa (N97,153,965,072.71); Akwa Ibom (N199,768,698,811.90); Anambra (N33,490,668,536.72); Bauchi (N93,319,627,053.30); Bayelsa (N133,339,375,587.91); Benue (N96,905,502,591.02); Borno (N78,259,334,907.05); Cross-River (N167,252,341,140.66); Delta (N223,442,257,101.69); Ebonyi (N55,597,352,310.28); Edo (N86,367,405,983.76); Ekiti (N118,011,414,814.34); Enugu (N55,882,997,585.01); Gombe (N76,894,514,835.51); Imo (N97,851,149,167.90); Jigawa (N38,227,157,463.84); Kaduna (N93,203,947,964.61); Kano (N121,305,201,113.25); Katsina (N67,098,008,669.65); Kebbi (N67,037,456,840.31); Kogi (N96,677,066,212.09); Kwara (N59,576,712,572.23); Lagos (N542,231,174,761.82); Nasarawa (N89,953,619,684.92); Niger (N43,414,653,538.03); Ogun (N97,090,119,332.73); Ondo (N56,959,970,712.20); Osun (N147,702,865,382.96); Oyo (N94,140,261,739.96); Plateau (N98,585,866,556.33); Rivers (N225,592,469,150.22); Sokoto (N36,571,742,397.44); Taraba (N68,569,699,976.43); Yobe (N26,990,637,417.62); Zamfara (N61,950,819,816.58); FCT (N163,518,714,908).

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BUSINESS

Polaris Bank partners Digivate 360 to build capacity of SMEs

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Polaris Bank as part of its strategy to provide empowerment opportunities for prospective and existing Small and Medium Scale Enterprise (SME) customers, has partnered Digivate 360, a local partner of Facebook, to provide digital marketing training to SMEs. This is to enable SMEs leverage digital marketing tools to grow their businesses and compete on a global scale.

This is in line with the Bank’s brand purpose as a future forward enterprise positioned to meet the challenges of the new age by being the enabler and pathfinder for those who want to keep being relevant in their endeavors.

SMEs are to leverage digital tools to boost their businesses and compete on a global scale.

According to the Group Head, Products and Markets Development, Adebimpe Ihekuna, the initiative is in line with the Bank’s core value of continuous learning and commitment to the growth and competitiveness of SMEs in the country by training them on the use of social media to drive business.

Commenting on the partnership, Olusegun Oyetunji of Digivate360 said, “We are excited and ready to collaborate with Polaris Bank to deliver “Boost with Facebook” and we are set to kick off this exciting digital journey for the benefit of SME customers in Polaris Bank”.

The training is billed to take place in the following cities: Lagos, Enugu, Kano; Ilorin; Port Harcourt, Ibadan; Benin, Abeokuta and Abuja from Thursday, October 16, 2019.

Polaris Bank is a customer-centric bank positioned to deliver industry-defining products, services and platforms across all the key market segments.

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P+ Measurement launches Nigeria’s first broadcast advert analytics audit report

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Nigeria’s leading media measurement and evaluation agency, P+ Measurement Services, has announced the introduction of a dedicated Broadcast Analytics audit Reporting platform to help brands interpret their TV and radio advert compliance reports.

In a statement, the agency said the new solution, regarded as the first of its kind in the Nigerian marketing communications industry, would help brands transform their reports, usually in Excel sheets, into a smart and easy-to-navigate dashboard for easy interpretation.

Explaining how brands can leverage the innovative reporting dashboard to gain insights into their campaigns, Lead Consultant at P+ Measurement Services, Mr. Philip Odiakose, said companies can leverage the solution in two ways.

“We believe there’s a whole lot of intelligence buried in the dozens of reports by media monitoring agencies. We believe monitoring agencies need to go the extra mile to present their reports in a way that allows brand owners to easily draw insights from their placements and make smarter decision for the business,” he said.

“To achieve this, it’s either we handle your broadcast monitoring and auditing or you provide us with your broadcast compliance data sheet monthly. With our broadcast analytics solution, our goal is to replicate the same success we have recorded with the print and online media segments.

Odiakose, who said his team was also committed to empowering brand handlers with tools and skills to measure and scale the impact of their communication efforts.

A Media Analyst Associate at the agency, Gilbert Alasa, said the integrated solution offers marketing communications managers a single view of their marketing channels all on a single dashboard.

“As an agency, we have always advised clients to make measurement and evaluation a critical part of their campaign plans. Now, we have taken a step further to help communications managers measure the impact of their programs in an easy-to-understand reporting dashboard.

P+ Measurement Services is Nigeria’s first and leading independent PR measurement and evaluation agency in Nigeria providing detailed and unbiased media monitoring, measurement and performance audit solutions to businesses. A member of the US-based International Association for the Measurement and Evaluation of Communication, AMEC, P+ Measurement Services was recently announced as Best Media Monitoring and Measurement agency of the year by NMNA.

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Customer Service Week: Eko Disco visits, donates relief items House of Gold Children’s Hospice

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The Management and staff of Eko Electricity Distribution Company (EKEDC) on Thursday 10th October has visited House of Gold Children’s Hospice in Surulere, Lagos State. Corporate Social Responsibility (CSR) is one of the activities that shows the premium EKEDC places on its host community and the people around its operations, hence the visit.
The was to commemorate this year’s Customer Service Week themed “the Magic of Service” and to show support for children with special needs in the society. The team was led by the Chief Finance Officer of EKEDC, Joseph Esenwa and Chief Legal Officer, Wola Joseph. The team went with some relief materials to support the hospice.
Receiving the team, the founder of House of Gold Children’s Hospice, Theresa Omolaja was thrilled to have the company come spend time with the children amid other activities lined up for the week. Explaining the purpose of the visit, Chief Legal Officer of EKEDC, Wola Joseph said “Customer Service Week is a week-long celebration of customers all around the globe and we chose today to come to celebrate with our children with special needs. CSR is what we do because empowering the quality of lives is our mantra and we want to touch everyone around us”.
Omolaja, in turn, thanked the management and staff of the company for their visit, kindness and support. She then showed them around the facility. Omolaja mentioned the ways the children are taken care of and their peculiarities. She shared her dream of starting a school for the children in the facility and EKEDC keyed into her idea by promising to meter the school for free immediately the school is completed. Omolaja appreciated the company for the kind gesture and promised to keep the company in the loop of activities going on in the facility.
House of Gold Children’s Hospice was established in 1990 to house and cater to children with terminal or life-threatening illnesses. The hospice houses children with special needs with an emphasis on children with autism, cerebral palsy, down syndrome, dyslexia and other neurological conditions associated with mental disabilities.
Omolaja urged EKEDC to continue the good deeds and called on other companies to support similar causes that will improve the society in its entirety.
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