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The Nigeria national debt or simply national debt of Nigeria is the total amount of money that the Federal Government of Nigeria owes to its creditors, both domestic and external. The national debt is composed of two main components: debt held by the public and debt held by government accounts.
[1]: 81 A debt instrument is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future. Examples include debt securities (such as bonds and bills), loans, and government employee pension obligations. [1]: 207 Net debt equals gross debt minus financial assets that are debt instruments.
The Debt Management Office (DMO) is a government agency established on 4 October 2000, tasked with centralizing the management of Nigeria's debt. [1] It was created in response to challenges in Nigeria's debt portfolio, which included high external and domestic debt, substantial debt service, low external reserves, and weak debt management capacity.
In 2012, Nigeria's external debt was an estimated $5.9 billion and N5.6 trillion domestic, putting total debt at $44 billion. [ 172 ] In April 2006, Nigeria became the first African country to fully pay off its debt owed to the Paris Club . [ 173 ]
Nigerian States by Estimated GDP, 2021 Nigerian States by GDP, 2010 The following table presents a listing of Nigeria 's 36 states ranked in order of their estimated total GDP in 2021 according to a 2022 report by BudgIT .
A debt ratio of more than 100 percent means a state owes more in liabilities than it has in assets. Click through to find out which states have the least amount of debt and which ones suffer from ...
The military and the Nigerian state, 1966–1993: a study of the strategies of political power control. Trenton, New Jersey: Africa World Press. ISBN 978-1-59221-568-3. Solomon Akhere Benjamin (1999). The 1996 state and local government reorganizations in Nigeria. Ibadan: Nigerian Institute of Social and Economic Research. ISBN 978-181-238-9.
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. [3] The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country; promote monetary stability and a sound financial environment, and act as a banker of last resort ...