Transcribed

Nigeria external and domestic debt level since 2009

Total Population Each Nigerian owes 170m 2009 66.6bn Nigeria owes 2010 55.1bn 2011 54.7bn N10.4trn N61,176 2012 45.6bn 2013 46.3bn 2014 18.6bn 2009 283.6bn 2010 542.3bn 2011 495.1bn 2012 511.9bn 2013 543.3bn 2014 663.6bn Domestic debt service Total debt service (external + domestic) Rebased GDP Debt-to-GDP ratio 80,900,000,000,000 0.433006724 External debt service 2009 350,302,440,000 597,572,269,300 549,856,225,300 2010 80,900,000,000,000 0.738655463 2011 80,900,000,000,000 0.67967395 2012 557,608,890,000 80,900,000,000,000 0.689256972 2013 589,679,200,900 80,900,000,000,000 0.728898889 2014 682,216,620,400 80,900,000,000,000 0.843283832 Domestic Debt vs Budgeted Debt Service External Debt Service Ratio 4 12,000,000,0100,000 3.5 10,000,000,000,000 8,000,000,000,000 2.5 6,000,000,000,000 2 1.5 4,000,000,000,000 2,000,000,000,000 0.5 2008 2009 2010 2011 2012 2013 2014 2015 2008 Q2 Q3 Q4 2009 Q2 Q3 Q4 2010 Q2 Q3 Q4 2011 Q2 Q3 Q4 2012 Q2 Q3 Q4 2013 Q2 Q3 Q41 2014 Q1 •budgeted debt service Domestic debt stock Q1 Q1 Q1 Q1 Q1 11 Source: CBN, DMO & Budget Office Infographic by AFOLABI BANJOKO

Nigeria external and domestic debt level since 2009

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Before the debt pardon in 2005, Nigeria's public debt of US$46.2 billion was equivalent to 64.3% of GDP. External debt stood at $35.9 billion while the stock of the domestic debt amounted to $10.3 bi... llion in 2005, giving a total public debt of $17.3 billion and a debt-to-GDP ratio of 11.8%. By 2011, the domestic debt stock had grown substantially to $42.23 billion, while the external debt remained at a marginal $5.67 billion, giving a total public debt stock of $47.9 billion or 21% of GDP. GDP also grew simultaneously as debt was growing, hence debt-to-GDP ratio was modest. So then, is Nigeria's public debt a problem?

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BusinessDay

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Afolabi