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About Nigeria's External Debt - Part 3


Reconstructed from various sources by
Bolaji Aluko
May 19, 2001

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TABLE 1: EXTERNAL NATIONAL DEBT

External National Debt (US$M)

MUL. PC LC PN Others TOTAL
(1) (2) (3)
PN + Others
1984 1,097 5,811 4,996 5,443 17,347
1985 1,317 7,833 3,560 6,194 18,904
1986 1,887 10,228 6,088 7,371 25,574
1987 2,985 12,589 5,860 6,882 28,316
1988 2,838 14,400 5,960 7,495 30,693
1989 3,172 15,871 5,680 6,863 31,586
1990 3,842 17,170 5,861 6,226 33,099
1991 4,016 17,793 5,988 5,933 33,730
PN Others
1992 4,518 16,454.70 2,120 3,246.0 1,226.2 27,544.1
1993 3,694.70 18,160.50 2,055.80 3,159.9 1,647.3 28,718.2
1994 4,402.3 18,334.3 2,057.8 3,178.2 1,456.3 29,428.9
1995 4,411.0 21,669.6 2,045.0 3,148.0 1,311.2 32,584.8
1996 4,665.0 19,091.0 2,043.0 2,140.0 121.0 28,060.0
o.w.a 54 12,713 70 12,837
1997 4,372.7 18,980.4 2,043.0 1,612.5 79.2 27,087.8
o.w.a. 11 14,883 0 14,894
1998 4,237.0 20,829.9 2,043.0 1,597.8 65.8 28,773.5
o.w.a. 74 16,617 0 18,477
1999 3,933.3 20,507.8 2,043.0 1,486.8 69.3 28,040.4

o.w.a = of which arrears

Sources: Federal Ministry of Finance; Central Bank of Nigeria;
For arrears only: see IMF Statistical Appendix on Nigeria; November
24, 1999 (Table 37).

Index for Debt Categories:
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MUL = MULTILATERAL (IBRD (World Bank), EIB, ADB (African Development
Bank) & Others)

PC=PARIS CLUB (14 Countries: United Kingdom, Germany, France, Italy,
Netherlands, Spain, Switzerland, Japan, USA, Austria, Belgium,
Denmark, Finland and Israel)

LC= LONDON CLUB

PN = PROMISSORY NOTES

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TABLE 2: EXTERNAL DEBT SERVICE PAYMENTS (1992 - 1998) in Million
Dollars
Source: Central Bank of Nigeria Annual Reports

MUL. PC LC PN Others TOTAL
(1) (2) (3)
1992 810.1 536.6 637.4 267.3 141.9 2,393.3
1993 643.2 234.6 195.8 256.1 442.8 1,772.5
1994 758.9 59.2 143.5 254.8 626.6 1,843.0
1995 826.9 271.8 161.0 251.9 109.0 1,620.6
1996 814.4 359.7 127.7 238.4 336.4 1,876.6
1997 800.2 306.0 127.7 226.8 181.8 1,642.5
1998 680.2 228.5 127.7 216.3 19.8 1,272.5
1999 659.2 644.5 127.7 258.7 34.8 1,724.9


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TABLE 3: COMPARISON OF DOMESTIC AND EXTERNAL DEBTS
Source: Central Bank of Nigeria Annual Reports

3a: Structure of Domestic Debt

Owed to Owed to Owed to Owed To Total Domestic
Central Commercial Merchant Non-Bank Debt
Bank Banks Banks Public Outstanding

1992 136,987.1 5,535.1 1,008.4 30,788.3 174,318.9
1993 189,773.4 29,346.8 9,451.1 32,522.3 261,093.6
1994 159,661.6 39,184.2 8,644.8 51,869.8 259,360.9
1995 187,509.1 18,007.6 2,105.3 41,152.4 248,774.5
1996 247.461.2 40,026.3 5,080.5 51,106.1 343,674.1
1997 264,229.4 35,065.9 6,384.3 53,349.5 359,029.1
1998 301,742.4 49,540.1 4,574.4 48,244.7 404,101.6
1999 522,819.5 226,092.1 16,210.7 29,684.0 794,806.3

3b: Comparison with External Debt

Domestic Debt External Debt Ext/Dom
(million Naira) (Million Naira)

1992 174,318.9 544,264.1 3.12
1993 261,093.6 633,144.4 2.42
1994 259,360.9 648,813.0 2.50
1995 248,774.5 716,775.6 2.88
1996 343,674.1 617,320.0 1.80
1997 359,029.1 595,931.6 1.70
1998 404,101.6 633,017.0 1.18
1999 794,806.3 2,574,949.9 3.24

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