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About Nigeria's External Debts - Part 1


Reconstructed from various sources by
Bolaji Aluko

May 19, 2001

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Table 1: External Debt and Debt Services (1960 - 1989)

Source: 1960 - 1989: Tables 6.3 and 6.5 of Falegan: "Nigeria's
External Debt Burden." Fountain Publications, 1992

[In the table below, any unavailable information is left blank]

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N/$ HOS DebtOut Debt Service Tot.Debt Debt- Int- Debt
Exchange (Mill.$) (Mill. $) Service Serv Serv Serv
Rate Princ. Int. (Mill.$) Ratio% Ratio% to
Gov.
Rev %

1960 0.7143 BA 65.7 0.5 2.9 3.4 0.8 0.7 1.5
1961 0.7143 BA 115.4 1.6 4.6 6.2
1962 0.7143 BA 126.2 4.4 5.7 10.1
1963 0.7143 BA 197.1 12.5 6.8 19.3
1964 0.7143 BA 254.0 12.8 7.2 20.0
1965 0.7143 BA 512.0 7.2 10.1 17.3 2.3 1.3 3.8
1966 0.7143 BA/ 608.5 10.1 - 10.1
AG/GO
1967 0.7143 GO 596.0 24.4 10.9 35.3
1968 0.7143 GO 638.1 24.7 14.8 39.5
1969 0.7143 GO 676.5 32.8 20.3 53.1
1970 0.7143 GO 690.5 34.2 19.6 53.8 4.3 1.6 5.1
1971 0.7143 GO 948.8 36.0 23.9 59.9
1972 0.7143 GO 1103.3 36.3 26.5 62.8
1973 0.7937 GO 1649.2 118.0 33.1 151.1
1974 0.7545 GO 1695.0 131.3 37.1 168.4
1975 0.7336 GO/ 1597.8 203.6 39.7 243.3 3.4 0.5 3.1
MO
1976 0.7329 MO/ 1420.4 211.3 38.9 250.2
OB
1977 0.7913 OB 1299.7 81.9 44.2 106.2
1978 0.8435 OB 1340.0 54.6 49.5 104.0
1979 0.7384 OB/ 3316.0 57.4 180.2 237.6
SH
1980 0.6944 SH 8887.9 63.5 440.0 503.5 2.3 2.1 22.1
1981 0.7413 SH 12039.0 361.4 542.7 904.1 5.7 3.4 5.7
1982 0.7394 SH 12908.2 626.6 766.7 1393.2 11.1 6.1 9.4
1983 0.7837 SH 18585.7 948.2 956.9 1905.1 18.7 9.4 13.4
1984 0.7923 BU 18664.0 2016.1 1134.7 3151.8 26.0 9.3 17.1
1985 1.0979 BU/19522.6 2741.4 1256.0 3999.4 35.9 11.3 30.9
IB
1986 4.0568 IB 24470.3 943.2 396.0 1639.4 57.4 17.0 44.2
1987 4.1665 IB 28714.0 290.1 567.8 8857.9 11.4 7.5 14.2
1988 5.3530 IB 27289.0 497.6 1023.2 1520.8 24.3 16.7 29.4
1989 7.4689 IB 29200.0 643.6 1185.3 1828.0 22.6 14.7 46.4

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Table 2: Reconciling the Debts

< --------Total Debts Outstanding ---------->
millions of dollars
N/$ HOS Ref. 1 Ref. 2 Ref. 3 Ref. 3 Ref. 4
Exch. (long+short)(long-term)
Rate terms only
1977 0.6466 OB 1299.7 985
1978 0.6060 OB 1340.0 2645
1979 0.5957 OB/ 3316.0 3976
SH
1980 0.5464 SH 8887.9 8921 5381
PM/0.9
1981 0.6100 SH 12039.0 7709
1982 0.6729 SH 12908.2 10419
1983 0.7241 SH 18585.7 13481
1984 0.7649 BU 18664.0 12793 17347
1985 0.8938 BU 19522.6 14555 18904
PM/1.7 /IB
1986 2.0206 IB 24470.3 23473 19756 25574
PM/3.9
1987 4.0179 IB 28714.0 30656 29016 28316
PM/5.9
1988 4.5367 IB 27289.0 31247 25595 30693
PM/6.7
1989 7.3916 IB 29200.0 31977 31400 31586
PM/10.7
1990 8.0378 IB 33439 34557 32977 33099
PM/9.3
1991 9.9095 IB 33527 34497 33527 33730
PM/6.7
1992 17.298 IB 29019 30650 28789 27544.1
PM/21.9
1993 23.327 IB/ 30736 28718.2
PM/56.8 SH/AB
1994 21.886 AB 33092 29428.9
PM/71.7
1995 21.886 AB 34093 32584.8
PM/78.3
AF/79.8955
1996 21.886 AB 31407 28060.0
PM/81.8
AF/84.5750
1997 21.886 AB 28455 27087.8
PM/84.7
AF/84.7
1998 21.886 AB/ 30315 28773.5
PM/88-90 ABU
AF/85
1999 92.3 ABU/ 31617 28040.4
OBC

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Table 3: Borrowing From International Capital Market By The Federal
Government of Nigeria as at 31st December, 1985

Source: Tables 3.9 of Falegan: "Nigeria's External Debt
Burden." Fountain Publications, 1992

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Loan Date HOS Project Loan Amount
Amount Outstanding
(millions $) (millions $)
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1/16/78 OBG 1st Jumbo Loan US$1000 Fully repaid
8/19/78 OBG F28 Aircraft Dfl64.74 Dfl25.74
10/23/78 OBG NPA Equip for DM49.50 Fully repaid
Tin Can Isla.
11/30/78 OBG 2nd Jumbo Loan US$750 US$137
12/11/78 OBG Line of Credit US$30 US$17
to NIDB->EIB
2/22/79 OBG Delta Steel DM750 DM206
2/23/79 OBG Steyr Ass. US$30 US$10
Plant Bauchi
6/12/79 OBG Delta Steel DM1000 DM514
6/11/79 OBG Oyan Riv. Dam US$75 US$22
6/13/79 OBG Delta Steel AS1000 AS429
7/13/79 OBG Benue Cement US$50 US$10
8/10/79 OBG Submarine Cable FF41 FF7.28
Nigeria/Iv.Coast
8/22/79 OBG Benue/Okene/ US$121 US$49
Auchi Road (Dumez)
8/28/79 OBG Special Mil. AS210 Loan cancelled
Armored Vehicles
8/31/79 OBG Enugu-Onitsha Rd US$146 US$40
9/7/79 OBG Goronyo Dam US$155 US$68
9/10/79 OBG Jebba Hydro Plan FF1044 FF864
9/12/79 OBG Jos Steel Roll Mill DM231.8 DM124
9/13/79 OBG Oshogbo Steel Mill DM231.0 DM128
9/25/79 OBG Newsprint Pulp&Paper US$100 US$47
9/25/79 OBG South Chad Irrigation US$122 US$48.8
9/25/79 OBG Katsina Steel Mill US$43 US$15.58
9/28/79 OBG Makurdi-Lafia Road US$50 US$20
(23 OBG)

10/22/79 SH Sokoto Cement DM200 DM148
2/21/80 SH Bauchi-Ningi Road US$73 US$33
6/12/80 SH Ajaokuta Steel US$44 US$20
(Site Clearance)
8/8/80 SH Aliade-Yandev- US$50 US$27.27
Katsina Ala Road
8/22/80 SH Oso-Iwopin Road US$28 US$15.28
8/25/80 SH Katsina Steel Mill Yen27,800 Yen 13,163
8/22/80 SH Ajaokuta Steel US$41 US$22.36
(Site Clearance)
9/8/80 SH Eximbank Loan to NET US$12.75 US$1.07
9/8/80 SH AKA Loan to NET DM7.53 DM1.25
10/12/80 SH Nicon Noga Hilton Hotl US$118 US$94.4
10/22/80 SH Delta Steel Township B US$50 US$30
10/22/80 SH Delta Steel Township A US$73 US$44
11/22/80 SH Zobe Dam US$66 US$39.6
SH Telex Gentex DM39.49 DM22.21
7/9/80 SH Ext. Liine Plant (Siemen) DM32.63 DM14.63
10/22/80 SH Delta Steel Township A FF131 FF52.4
10/22/80 SH Delta Steel Township B FF127 FF43.64
1/23/81 SH Dadin Kowa Dam US$56 US$43.64
3/4/81 SH Iwopin Paper Mill US$200 US$160.74
3/11/81 SH Jebba Paper Mill US$85 US$59.5
4/6/81 SH Ajaokuta Steel Lot II DM456 DM354.8
4/6/81 SH Ajaokuta Steel Lot II DM669 DM669
4/7/81 SH National Transmission DM267 DM195
(Siemens)
5/29/81 SH Ajaokuta Steel Lot I US$348 US$243.6
5/29/81 SH Ajaokuta Steel Lot I FF1240 FF892.0
5/29/81 SH Ajaokuta Steel Lot III US$205 US$143.5
5/29/81 SH Ajaokuta Steel Lot III FF556 FF430.25
5/29/81 SH External Line Plant(ITT) FF184 FF105
5/29/81 SH Ajaokuta Steel (Russians) DM2620 DM1140.12
6/24/81 SH National Transmission Yen10,500 Yen7,910
(Marubeni)
7/9/81 SH Abeokuta External Line DM25.10 DM19.13
Plant
7/10/81 SH Delta Steel Township C US$12.24 US$9.78
7/10/81 SH Delta Steel Township C US$43 US$34.4
7/21/81 SH Bauchi Ext. Line Plant US$11.4 US$6.18
7/21/81 SH National Transmission (ITT) BP5500 BP4493
8/27/81 SH National Transmission (ITT) SF 29 SF14.16
9/15/81 SH Nitrogenous Fertilizer Yen26272 Yen20000
10/12/81 SH Nicon Hilton Hotel FF801 FF744
11/19/81 SH Lagos Thermal Power Plant Yen 96100 Yen67000
12/18/81 SH Katsina Steel Rolling Mill US$37 US$26.7
(Additional works)
12/18/81 SH Jos Steel Rolling Mill DM90 DM72
(Additional works)
12/18/81 SH Oshogbo Steel Rolling Mill DM160 DM128
(Additional works)
4/8/82 SH NNPC Petro-Chemical US$80 US$80
5/1/82 SH PCDA Capital Motel Abuja DM201.4 DM201.4
3/6/82 SH Abuja Sheration Intl Hotel DFL158 DFL132.58
5/13/82 SH NNPC Petro-Chemical FF550 FF400
6/8/82 SH NNPC Petro-Chemical US$56 US$56
7/19/82 SH Lagos Thermal Power Plant FF1073 FF1073
(Egbin)
7/21/82 SH Nitrogenous Fertilizer US$246 US$116
8/6/82 SH Delta Steel Plant (Addtl.) DM190 DM130
9/13/82 SH Ajaokuta Metallurgical US$16.6 US$11.39
Training Center
10/82 SH Abuja Telephone Interlink DM33 DM26.64
1/20/83 SH 4 Boeing Aircrafts US$70.2 US$54.2
(Nigerian Airways)
1/28/83 SH National Identity Card US$90.95 US%85.55
3/18/83 SH Coronyo-Bakolori Dams US$100 US$44.44
6/13/83 SH Jaguar Aircrafts US$185.65 US$148.53
6/13/83 SH Jaguar Aircrafts FF375.5 US300.4
7/14/83 SH Ship Repair Yards DFL180 DFL180
9/6/83 SH Maiwa Mechanized Farm DFL20 -
(SH 59)

10/26/84 BU Purchase of 115M&W Pumps US$12.88 US$12.88
11/19/84 BU Purchase of 4 Airbuss US$206 US$185.4
Aircrafts
1/4/85 BU ITT Contracts (Rescheduling US$365 US$365
Agreements)
1/4/85 BU ITT (New Contracts) US$171 US$171
1/21/85 BU NNPC Telecommunications US$7.35 US$7.35
(Teletra contract)
3/29/85 BU Purchase of M&W Pumps for US$4.12 US$4.12
Chad Basin Auth.
3/29/85 BU Purchase of M&WPumps for US$12.52 US$12.52
Gongola Jaamare Basin Auth.

3/29/85 BU Purchase of Agricultural US$4.3 -
Sprinkler equipment for
Jammare Basin Auth.
(BU 8)

[Gen Ibrahim Babangida took over August 27, 1985 from General Buhari]

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Total US$14,203.4
equivalent
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Table 4 Selected World Bank Partially Disbursed Loans ($ million)
as of October 1989

Source: Tables 9.1 of Falegan: "Nigeria's External Debt
Burden." Fountain Publications, 1992

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Loan No Date HOS Purpose Orig. Undisb.
of Loan Amount Amount
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1838-0 March 1982 SHAGARI Oyo N. Agric Dev. 28.0 3.9
1883-0 Nov. 1982 SHAGARI Sixth Highway 72.1 5.9
1981-0 Dec. 1980 SHAGARI Bauchi Agric Dev. 126.8 5.2
1982-0 Dec. 1981 SHAGARI Kano Agric. Dev. 142.0 10.0
2036-0 March 1982 SHAGARI Anambra Wat. Supply 67.0 8.4
2185-0 April 1983 SHAGARI Sokoto Agric Dev. 147.0 14.5

2299-0 April 1984 BUHARI Fourth NIDB 120.0 35.8
2376-0 June 1984 BUHARI Smal/Med Scale Ind. 41.0 24.9
2436-0 July 1985 BUHARI Int. Agric. Dev. 122.0 83.8

2390-0 Sept 1986 BABANGIDA Gas Techn. Asst. 19.0 17.1
2480-0 May 1985 BABANGIDA Techn. Assistance 13.0 9.3
2503-0 Jan 1986 BABANGIDA Sokoto Health 34.0 27.1
2528-0 May 1986 BABANGIDA Borno Water Supply 72.0 57.9
2607-0 April 1986 BABANGIDA 2nd Urban Dev. 53.0 38.8
2618-0 April 1987 BABANGIDA Industry Tech Asst. 5.0 3.0
2620-0 March 1986 BABANGIDA Lagos Solid Waste 72.0 52.6
2733-0 June 1987 BABANGIDA MultiState Ag.Dev 162.0 142.9
2737-0 April 1987 BABANGIDA 2nd Livestock Dev 81.0 64.1
2741-0 March 1987 BABANGIDA South Borno Ag Dev 125.0 91.2
2760-0 Sept 1987 BABANGIDA Second Forestry 71.0 65.3
2925-0 March 1989 BABANGIDA Technical Education 23.3 20.8
2925-0? March 1986 BABANGIDA Infrastru. Dev.Fund 69.5 69.5
2963-0 June 1988 BABANGIDA Highway Sector 250.0 250.0
2985-0 July 1988 BABANGIDA Lagos St. WatSuply 173.2 173.2

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Table 5: Nigeria's External Loan Rescheduling (1983-1989)

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Date of Signature Amount Amount Note
Restructured Deferred

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Bilateral Debt Relief
---------------------
July 1983 1,350 1,350 (1)
Sept 1983 657 657 (1)
Oct 1984 258 258 (1)
July 1985 1,050 1,050 (1)
1985 365 365 ITT rescheduling
1986 202 202 (1)
1986 95 95 Bilateral off.
debt, parallel to
1986 Paris Club
1987 1,684 1,684 (1)
1988 1,653 1,653 (1)

Commercial Banks (Multilateral)
------------------------------
Nov 1987 4,687 4,687 Includes ST debt
March 1989 5,986 5,986 Incl. LOC arrears

Official Creditors (Multilateral)
---------------------------------
Dec 1986 6,830 6,830 Incl. arrears and
ST debt as of
June 30, 1986
March 1989 6,426 6,426

---

Note (1) Uninsured short-term (ST) suppliers' credits
LOC - line of credit

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Index for Table 1-3
-----------------------

HOS - Head of State [BA - Alhaji Balewa (civilian); AG - General
Aguiyi-Ironsi; GO - General Gowon; MO - General Mohammed;
OBG - General Olusegun Obasanjo; SH - Alhaji Shagari
(civilian); BU - General Buhari; IB - General Babangida;
SH - Chief Shonekan (civilian); AB - General Abacha; ABU -
General Abubakar; OBC - Chief Olusegun Obasanjo (civilian)]

DebtOut - Debt Outstanding;

Princ. - Principal; Int. - Interest

Debt-Serv Ratio - Ratio (in percentage) of Debt service payments
(interest and amortization) to current account receipts (exports of
goods and services), ie the proportion of current account (foreign
exchange earnings) absorbed by external public debt service.

Interest-service ratio - Ratio (in percentage) of annual interest
payments to exports of goods and services.

Debt Serv to Gov Rev - Sum of debt service on public debt and the
publicly guaranteed private debt divided by government revenue.
External public debts are fixed obligations which have to be serviced
by converting governmnet revenue into the necessary foreign exchange
through export earnings.

PM - Parallel Market Exchanger Rate or "Black" Market
AF - Autonomous Foreign Exchange Market); official dual exchange rate
started in 1995. All other rates quoted are official exchange rates

Ref. 1 - Tables 6.3 and 6.5 of Falegan: "Nigeria's External Debt
Burden." Fountain Publications, 1992
Ref. 2 - "African Development Indicators 2001" - The World Bank, 2001
Ref. 3 - "Nigeria: Structural Adjustment Program - Policies,
Implementation and Impact", May 13, 1994; Document of the
World Bank
Ref. 4 - Central Bank of Nigeria Annual Reports 1984 - 1999

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