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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.
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 .
Northern Nigeria and Southern Nigeria were also sometimes known as the Northern Provinces or Southern Provinces respectively. Currently, Nigeria is a federation of 36 states. The first use of provinces was in Northern Nigeria after Britain took over administration of the area from the Royal Niger Company in 1900. The British originally divided ...
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.
[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.
It has a debt stock of ₦132.68 billion as of December 2021, ranking the 19th most indebted state in Nigeria and 2nd most indebted in the North-East. [ 30 ] The Dangote group operates a sugar production factory in Numan which has a sugar refining capacity of 3,000 tonnes of cane per day.
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.
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 ]