debt

Nigeria Economic Update (Issue 43)

Data released by the Budget Office of the Federation shows that debt service payments on external and domestic debts in the first quarter of 2023 stood at ₦1,317.08 billion, indicating an increase of ₦39.61 billion (3.10 percent) above the ₦1,227.47 billion projected for the quarter. In the period under review, the sum of ₦874.13 billion […]

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Press Release: Aligning Nigeria’s Debt Reduction Policies with Gender and Climate Goals

In a groundbreaking report dissemination event titled “Towards Reconciling Economic and Debt Management Policies with Gender and Climate Objectives in Nigeria,” experts and other stakeholders convened in Abuja on Wednesday, September 6 2023, to deliberate research findings from a three-fold report that shed light on fundamental fiscal policy options for growing out debt in Nigeria.

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Nigeria Economic Update (Issue 13)

As  of  the  end  of  December  2022,  Nigeria’s  total  debt stock stood at N46.25 trillion, comprising 40.4 percent (N18.7  trillion)  in  external  debt  and  59.56  percent (N27.55  trillion)  in  domestic  debt,  according  to  data from  the  Debt  Management  Office  (DMO)1. This represents  a N6.69  trillion  (16.9  percent)  increase over the  N39.56  trillion  recorded  for  December  […]

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Nigeria Economic Update (Issue 12)

As of the end of December 2022, Nigeria’s total debt stock stood at N46.25 trillion, comprising 40.4 percent (N18.7 trillion) in external debt and 59.56 percent (N27.55 trillion) in domestic debt, according to data from the Debt Management Office (DMO)1 . This represents a N6.69 trillion (16.9 percent) increase over the N39.56 trillion recorded for […]

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COVID-19: How Can The G20 Address Debt Distress In SSA?

The Covid-19 pandemic occurred at a time when sovereign debt had already increased substantially in Sub-Saharan Africa (SSA). Between 2010-2017, government debt as a share of GDP averaged 34.5% in SSA but increased significantly to 51.5% in 2019 (IMF 2021a, p. 25). Similarly, in SSA, official external debt as a share of GDP averaged about […]

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Will Nigeria’s Liquidity Shortage Morph into a Solvency Crisis?

In November of 2020, Zambia became the first African country to renege on its debt service obligations since the COVID-19 pandemic began. Since then, official and private lenders as well as governments have become apprehensive about a looming solvency crisis in Africa. This heightened perception of risk is underpinned by the fact that like Zambia, […]

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Nigeria Economic Update (Issue 39)

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) voted to reduce the Monetary Policy Rate by 100 basis points, from 12.5 percent to 11.5 percent.¹ Other decisions taken by the MPC includes the retention of Cash Reserve Ratio (CRR) at 27.5 percent and retaining the liquidity ratio at 30 percent. These […]

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Nigeria Economic Update (Issue 14)

Nigeria’s officially recorded debt obligation reached a record high of N24.39 trillion in 2018 relative to the N21.73 trillion in 201721, according to the DMO’s latest debt report. This represents a year-on-year 12.2% growth or N2.66 trillion2. Further decomposition of the data shows that both domestic and external components experienced increments: while domestic debt rose […]

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Is a debt crisis looming in Africa?

concerns about an impending debt crisis in Africa are rising alongside the region’s growing debt levels. As of 2017, 19 African countries have exceeded the 60 percent debt-to-GDP threshold set by the African Monetary Co-operation Program (AMCP) for developing economies, while 24 countries have surpassed the 55 percent debt-to-GDP ratio suggested by the International Monetary […]

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