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Nigeria Borrowed N6.64tn, Serviced Debt with N2.93tn in 2021 – DMO

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Author: Gift Wada, Abuja

THE Debt Management Office on Thursday said Nigeria’s total public debt stock increased to N39.56tn in 2021 from N32.92tn in 2020.
The Director-General, DMO, Patience Oniha, said this at a media briefing in Abuja.
According to her, the total debt includes new borrowings by the Federal Government and the sub-nationals.
She also said that the amount helped in financing the budget deficit, capital projects and support economic recovery.
Oniha said, “Nigeria’s total public debt as at December 31, 2021, was N39.56tn or $95.78bn. The amount represents the total external and domestic debts of the Federal Government of Nigeria, 36 state governments and the federal capital territory.
“The comparable figure for December 31, 2020, was N32.92tn or $86.39bn. The public debt stock for December 31, 2021, includes new borrowings by the FGN and the sub-nationals. For the FGN, it would be recalled that the 2021 appropriation and supplementary acts, included total new borrowings (from domestic and external sources) of N5.49tn to part-finance the deficit.
“Borrowings for this purpose and disbursements by the multilateral and bilateral creditors account for a significant portion of the increase in the debt stock. Increases were also recorded in the debt stock of the states and the FCT.”
She further said that despite the debt increase, the country is still within the total public debt stock to the Gross Domestic Product limit of 55 per cent set by the World Bank and 70 per cent set by the Economic Community of West African States.
Oniha also said that the Federal Government was “mindful of the relatively high debt-to-revenue ratio” and has established certain measures to increase revenues through the strategic revenue growth initiative and the introduction of Finance Acts since 2019.
She said, “The new borrowings were raised from diverse sources, primarily through the issuances of the Eurobonds, sovereign Sukuk, and the FGN bonds. These capital raisings were utilised to finance capital projects and support economic recovery.

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“With the total public debt stock to GDP as at December 31, 2021, of 22.47 per cent, the debt-to-GDP ratio still remains within Nigeria’s self-imposed limit of 40 per cent. This ratio is prudent when compared to the 55 per cent limit advised by the World Bank and the International Monetary Fund for countries in Nigeria’s peer group, as well as, the ECOWAS convergence ratio of 70 per cent.”
However, findings showed that Nigeria spent N2.93tn on debt servicing payments in 2021, according to the data obtained from the DMO.
Between January and March 2021, Nigeria spent N612.71bn on domestic debt servicing, while it spent $1bn (N415.92bn) on external debt servicing, giving a total of N1.03tn.
From April to June 2021, the country spent N322.7bn on domestic debt servicing and $299m (N124.36bn) on external debt servicing, showing a total of N447.06bn.
From July to September 2021, Nigeria spent N808.49bn on domestic debt servicing and $520.78m (N216.6bn) on external debt servicing, giving a total of N1.03tn.
Between October and December 2021, Nigeria spent N310.5bn on domestic debt servicing, while it spent $286.35m (N119.1bn) on external debt servicing, giving a total of N429.6bn.
The official exchange rate of the Central Bank of Nigeria, which showed $1 =N415.92 as of March 17, was used for the external debt servicing.

Read Also: Ezekwesili Speaks on China’s Loan Grant of $60 Billion to Africa

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Customs Corner

Nigeria Customs Service Reaffirms Commitment to Gender Equality in Decision-Making

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Author: Bashir Muhammad.

The Nigeria Customs Service (NCS) has reiterated its dedication to promoting gender equality in decision-making processes as part of its efforts to combat gender discrimination and gender-based violence.

At a capacity-building workshop on gender inclusivity, co-organized by the World Customs Organization (WCO) and the NCS in Abuja on Monday, April 22, 2024, the Comptroller-General of Customs, Bashir Adewale Adeniyi, reaffirmed his commitment to fostering a gender-inclusive environment within the service.

Acting Deputy Comptroller-General of Customs, Caroline Niagwan, represented the CGC at the event, where she emphasised the need for clear policies and procedures to address gender discrimination, harassment, and biases within the NCS.

“Our aim is to create a workplace where everyone has equal opportunities to grow and contribute to the service’s success, regardless of gender,” the CGC said. “We are committed to addressing gender discrimination, harassment, and biases within our ranks, and we will work tirelessly to ensure that our policies and practices reflect this commitment.”

The workshop brought together customs officials, gender experts, and stakeholders to discuss strategies for promoting gender inclusivity and addressing gender-based violence in the workplace.

With this reaffirmed commitment, the NCS demonstrates its dedication to creating a more inclusive and equitable work environment where all employees can thrive and reach their full potential.

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Customs Corner

CGC Adeniyi Meets NFIU DG, Reiterates Commitment to Enhance Border Security

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Author: Muhammad Bashir.

The Comptroller-General of Customs (CGC), Bashir Adeniyi, had on Tuesday, 16 April 2024, received in audience the Nigerian Financial Intelligence Unit (NFIU) delegation, led by Director General Hafsat Bakari, at the Service’s Headquarters in Abuja.

CGC Adeniyi’s meeting with DG Bakari centred around sealing a strong partnership that will enable the two agencies to take measures of enhancing border security through intensifying onslaught against smugglers and money launderers and other terrorism financing activities.

The CGC, while addressing the NFIU officials, congratulated DG Bakari for her appointment to head the organisation. He expressed Nigeria Customs Service’s commitment to support NFIU by way of establishing a joint team that will be tasked to address some pressing issues.

“I want to wish you a successful tenure. I see, through your passion, your commitment to Project Nigeria, and I also see the collaborative spirit that you brought on board. These are all things that I share also because I believe that we can draw strength from each other, assist ourselves, and get things done.” the CGC said.

“We need to form an internal team that will be drawn up from our side to review those outstanding issues so that we begin to see, in a determined effort, what we can do,” he added.

Speaking earlier, the NFIU Director-General, Hafsat Bakari, applauded the NCS’s resilient commitment to safeguarding Nigerian borders, particularly in combating smuggling activities.

Emphasising the importance of information sharing, Mrs Bakari highlighted that her visit to the Headquarters of the Nigeria Customs Service is to establish a cordial relationship with the service in intelligence sharing.

She said, “We recognise the vital role of the NCS in protecting Nigeria’s borders, preventing the smuggling of illicit goods, but also in ensuring that those who import goods into our country pay the appropriate fees and levies that are due to the federal government.”

According to her, the ultimate goal of the NFIU was to ensure the safety and prosperity of Nigeria, adding that “we want to make sure that we have efficient systems processes and technologies in place to identify the smuggling of currency and other high-value items.

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Customs Corner

Nigeria Customs Command and Staff College Graduates 50 Officers of Junior Course 18

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As CGC Adeniyi Commends Directing Staff, Instructors for Dedication to Service

Author: Muhammad Bashir.

The Nigeria Customs Command and Staff College, Gwagwalada, marked a significant milestone on Friday, April 19, 2024, as it graduated 50 officers from Junior Course 18. The ceremony, held at the Ahmadu Makarfi Hall of the college, was attended by top officials of the Nigeria Customs Service, family members, and friends of the graduating officers.

Comptroller-General of Customs Bashir Adeniyi, represented by Deputy Comptroller-General in charge of Human Resources and Development Greg Itotoh, commended the directing staff and instructors for their exceptional input throughout the training session. He praised the graduating officers for their hard work and dedication, urging them to apply the knowledge and skills acquired during their training to enhance the service’s operations.

DCG Itotoh emphasised the importance of capacity building in achieving the Nigeria Customs Service’s strategic goals, stating, “The Service is committed to building a strong and effective team, and this graduation is a testament to that commitment.” He encouraged the graduating officers to be innovative and proactive in their approach to customs operations, embracing technology to enhance effective service delivery.

Commandant of the College, ACG Kingsley Egwuh, also praised the directing staff for their dedication and hard work in shaping the officers’ minds. He congratulated the graduating students, urging them to embrace the opportunities and challenges ahead and make a positive impact in the Nigeria Customs Service.

The graduating officers, who have completed their training in various aspects of customs operations, leadership, and weapon handling, are expected to be deployed to various formations of the Service, where they will apply their knowledge and skills to enhance effective service delivery.

The ceremony featured the presentation of certificates and awards to deserving officers, recognising their outstanding performance during the training.

Earlier, the College had also held a regimental dinner for the graduating officers of Junior Course 18 on the 17th of April, 2027 – where Comptroller-General of Customs Bashir Adeniyi urged them to embrace professionalism and integrity in their service.

As the Special Guest of Honour at the Regimental Feast, CGC Adeniyi took to the podium to congratulate the graduating students after scaling through a series of rigorous training in the colleges, which, according to him, were meant to equip them to master the technical know-how of the Customs work.

Celebrating their academic achievements, CGC Adeniyi, however, enjoined them to be good ambassadors of the Service and give their careers purposeful meaning and uphold the motto of the Nigeria Customs Service—Justice and Honesty.

He added, “As you all return to your respective Commands, put everything you’ve learned to the test. That is the only gratitude you can show to those who have taken time to develop the curriculum which you were taught here.”

“You have been here for some time. You have developed yourselves. In a couple of years, the business of the Nigeria Customs Service will rest squarely on your shoulders”, he said.

The night concluded with a sense of accomplishment and pride, marking not only the end of academic pursuits but also the beginning of a journey for these graduates to carry forward the values of the Nigeria Customs Service with honour and dedication.

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