Business

Nigeria’s Debt Hits N28. 63tr

Published

5 years ago

July 10, 2020

Nigeria’s total debt portfolio stands at N28.63trillion as at 31st March 2020, the National Bureau of Statistics has disclosed it.

Its website report titled “Nigeria domestic and foreign debt first quarter 2020,” said in the period under review, the country’s domestic debt hits N18. 64 trillion, representing 65.11 percent of the entire debt profile.

NBS said: “Nigerian States and Federal Debt Stock data as at 31st March 2020 reflected that the country’s total public debt portfolio stood at N28.63trn.

“Further disaggregation of Nigeria’s total public debt showed that N9.99trn or 34.89% of the debt was
external while N18.64trn or 65.11% of the debt was domestic.

“N18.64trn or 65.11% of the debt was domestic. Nigerian States and Federal Debt Stock data as at 31st March 2020 reflected that the country’s total
public debt portfolio stood at N28.63trn.”

According to the report, States and FCT domestic debt was put at N4.11trillion with Lagos state accounting for 10.8 percent of the total domestic debt stock while Yobe State has the least debt stock in this category with a contribution of 0.7 percent.

The Bureau explained the highlights of Nigerian Domestic and Foreign Debt – Q4 2019.

It contained the Domestic Debt Stock for 28 States: Abia, Adamawa, Akwa Ibom, Bauchi, Bayelsa, Benue, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, and the Domestic Debt Stock Figures for six States: Anambra, Borno, Kano, Kebbi, Lagos and Zamfara were as at December 31, 2019.

The report also announced the Domestic Debt Stock Figures for Rivers State were as at December 30, 2018
Jigawa, Kaduna, Kogi, Kwara, Nasarawa, Niger, Ogun, Ondo, Osun, Oyo, Plateau, Sokoto, Taraba, Yobe and the FCT as at March 31, 2020.

NBS said the report explained the Domestic Debt Stock Figures for Katsina State were as at June 30, 2019

(Credit The Nation.)

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Business

RMAFC Chairman, Champions New Revenue Optimization Initiative in Collaboration with NASDRA

Published

5 days ago

January 30, 2025

The Gleamer

Joel Ajayi

The Chairman, Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. Muhammed Bello Shehu, OFR, has reaffirmed the Commission’s commitment to modernizing Nigeria’s revenue generation in collaboration with the National Space Research and Development Agency (NASDRA) and other key stakeholders.

The Chairman made this reaffirmation on
Thursday, at the Commission’s Headquarter in Abuja, during the launching of the implementation of the Presidential initiative on revenue optimisation and digitalisation via space technology.

The Chairman recalled that during his inaugural speech, His Excellency, President Bola Ahmed Tinubu, GCFR, emphasized the importance of economic recovery through enhanced revenue generation, which can primarily be achieved through the discovery of new revenue streams.

He emphasized that the Renewed Hope Agenda of this Administration can only be realized through the implementation of efficient revenue generation methods, with the creation of new revenue streams through the use of modern technology.

Dr. M.B. Shehu, OFR said, “We stand at the threshold of a new era, where innovation, creativity and collaboration drive economic growth and progress. It is indeed not an overstatement to say that the traditional sources and methods of revenue generation, apart from the fact that they are no more in vogue, are, most importantly, not sufficient to meet the evolving needs of our great Nation. Therefore, as key stakeholders, we must think innovatively and collaboratively to unlock new opportunities for economic growth and development in the interest of our beloved country.”

Dr. Shehu, therefore, emphasized the need for a strategic, technology-driven approach to revenue mobilization, pointing out that effective collection, accountability, and proper utilization of revenues are essential for national development. He posited that optimizing revenue sources is not just a necessity but a responsibility that must be shared by all stakeholders. “We are at the verge of writing a new chapter in Nigeria’s leadership. The collective determination of stakeholders here today is key to optimizing revenue collection and utilization. This is a task that must be achieved for our dear country.” He said.

The Director General of NASDRA, Dr. Matthew Olumide Adepoju, highlighted the potentials of space technology in revenue mobilization, noting that with AI, robotics, and space innovation, Nigeria can generate up to $50 billion annually while also strengthening national security.

Earlier in his Welcome Address, the federal commissioner representing Bauchi State in the Commission and Ag. Chairman of the Mobilization and Diversification Committee, Engr. Muhammed Sani Baba acknowledged the importance of the initiative and called for the support of all stakeholders to ensure its successful implementation.

He disclosed that the occasion was organised as a step towards the implementation of the directive of Mr President that the generation, collection and subsequent utilization of revenue should be modernized for the growth of the country and its exciting future.

A technical session featured a NASDRA-led presentation on leveraging space science and technology to block revenue leakages and create new revenue streams.

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