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FG’s Domestic Debt Rose To N13.4trn H1 2019 ― CBN

Published

6 years ago

October 8, 2019

The Gleamer

FG’s Domestic Debt Rose To N13.4trn H1 2019 ― CBN

…as apex bank makes N21.211bn profit on SLF, rediscounting, repo

Total domestic debt of the Federal Government of Nigeria (FGN) rose to N13.4 trillion by the end of June 2019.

The Central Bank of Nigeria (CBN) Financial Markets Half Year Report noted that the figure was ₦1,261.36 billion or 10.38 per cent higher than the ₦12,151 billion domestic debts position during the corresponding period of 2018.

The debt stock during the review period comprised FGN Bonds worth ₦9.691 trillion or 72.26 per cent, Nigerian Treasury Bills (NTBs) worth ₦2.651 trillion or 19.77 per cent and FRN Treasury Bonds of ₦125.99 billion or 0.94 per cent.

Others included FGN Promissory Notes of ₦707.76 billion or 5.28 per cent, FGN Sukuk worth ₦200.00 billion or 1.49 per cent, FGN Green Bonds worth ₦25.69 billion or 0.19 per cent and FGN Savings Bonds of ₦10.43 billion or 0.08 per cent.

In spite higher debt stock, however, the cost of debt servicing declined by 15.00 per cent to ₦800.73 billion at end-June 2019, compared to ₦941.99 billion in the corresponding period of 2018 due to declining yields in the fixed income market during the review period.

CBN also reported the average daily volume of standing lending facility (SLF) to banks to be ₦95.63 billion in 121 transaction days, of which Intraday Liquidity Facility (ILF) conversion constituted ₦35.50 billion or 37.12 per cent of the total request.

“As a result, the average daily interest income amounted to N66.87 million, totalling N5,372,400,000 during the period under review.”

This contrasted an average daily SLF volume of ₦57.36 billion in 123 transaction days of the first half of 2018 of which ILF conversion constituted ₦45.54 billion or 79.39 per cent of the total request.

Consequently, the average daily interest income was ₦44.40 million.

It explained that the higher patronage at the window in 2019 reflected the impact of the prevailing liquidity conditions in the banking system.

Patronage at the Standing Deposit Facility (SDF) window reflected an average daily amount of ₦67.64 billion for the 121 business days in the first half of 2019, representing a decrease from ₦88.30 billion for the 121 transaction days out of 123 business days in the corresponding period of 2018.

Similarly, the average daily interest payments on the deposits decreased to ₦22.48 million in the review period, from ₦30.43 million in the corresponding period of 2018.

The decreased volume of transactions reflected in the review period was due to the tight liquidity conditions in the banking system.

Patronage at the SDF window was low in 2019 with a daily average of ₦67.64 billion, compared to ₦88.30 billion in the corresponding period of 2018. The reduction in transactions was due to the tight liquidity conditions in the banking system.

According to the report, CBN also re discounted Bills worth ₦54.44 billion with 170 to 352 days to maturity at 13.50 per cent, and in the process, earning an interest totalling ₦6.59 billion.

I addition, total value of repurchase (repo) transactions in the first half of 2019 amounted to ₦611.30 billion, with interest rates ranging from 18.50 to 19.50 per cent from January to March 25, 2019, and 18.00 to 19.00 per cent from March 26 to June 2019, following the downward review of MPR.

“The tenors were for 4- to 90-days and the total interest earned amounted to ₦19.25 billion.”

Tribune

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Nigeria’s Historic Bid for the 2030 Commonwealth Games: A Call for National and Global Support

Published

1 week ago

September 30, 2025

The Gleamer

Joel Ajayi

Nigeria is poised to make history as it seeks to host the Centenary Commonwealth Games in 2030, a monumental opportunity that promises to transform the nation’s economy, infrastructure, and global standing.

More than a sporting spectacle, the Games would serve as a catalyst for development across multiple sectors, leaving behind a legacy of national pride and sustainable growth.

The benefits of hosting the Games extend far beyond the sports arena. Nigeria stands to gain both empirical and non-empirical advantages, with direct, indirect, and induced impacts that will touch every corner of society. Infrastructural development will take center stage, with new facilities such as indoor sports halls, conference centers, and improved road networks reshaping urban landscapes while strengthening the nation’s capacity to host future international events.

Economic growth is another significant dividend. Over 10,000 jobs are expected to be created, spanning construction, facility management, event planning, and tourism services.

The hospitality industry will undergo major improvements as hotels and resorts are upgraded to meet international standards, while local restaurants, lounges, and tourist attractions will see a surge in patronage from international visitors. Small and medium enterprises, particularly in the transport, finance, and food service sectors, will become some of the greatest beneficiaries, as the Games generate new demand and expand opportunities for local businesses.
The Commonwealth Games will also accelerate the growth of Nigeria’s sports industry.

Investments in training facilities, coaching, and talent development will inspire a new generation of athletes, ensuring long-term benefits that extend beyond 2030, a major focus of the President Bola Tinubu administration.
At the same time, the process of preparing for the Games will create opportunities for Nigerians to learn new crafts, acquire technical skills, and engage in global-standard event management, thereby strengthening human capacity and innovation across industries.

Mallam Shehu Dikko, Chairman of the Nigeria Sports Commission, and Hon. Bukola Olopade, the Director General, have been widely recognized for their tireless and visionary leadership in repositioning Nigeria’s sporting sector.

Their commitment to facilitating infrastructural development and strengthening grassroots sports development has laid the foundation for Nigeria’s bold bid to host the 2030 Commonwealth Games. Under their leadership, the NSC is fostering strategic partnerships and driving innovation in sports administration, they have demonstrated the nation’s readiness to stage an event of such global magnitude.

Beyond the tangible gains, the hosting of the 2030 Commonwealth Games carries profound symbolic value. It would be a moment of unity and pride, a chance for Nigeria to showcase its cultural richness, resilience, and excellence to the world.
As a centenary edition, the Games would stand as a historic milestone not just for the Commonwealth but for Nigeria itself, cementing its place on the global stage as a capable, ambitious, and forward-looking nation.

The gains from hosting the Commonwealth Games can never be undermined or overemphasized. This is Nigeria’s time to step forward and show the world our resilience, and excellence. We call on every Nigerian, across sectors and communities, to support this noble aspiration.

Nigeria’s pursuit of the 2030 Commonwealth Games is a vision for transformation, a blueprint for national development, and a legacy project that will inspire generations to come.

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