Table B.1.

1: Summary of Federal Government Finances (N' Million)

Item

1981

1982

1983

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

13,290.50

11,433.70

10,508.70

100,991.60

190,453.20

192,769.40

201,910.80

459,987.30

523,597.00

582,811.10

463,608.80

949,187.90

1,906,159.70

2,231,600.00

1,731,837.50

Oil Revenue

8,564.40

7,814.90

7,253.00

82,666.40

164,078.10

162,102.40

160,192.40

324,547.60

408,783.00

416,811.10

324,311.20

724,422.50

1,591,675.80

1,707,562.80

1,230,851.20

Non- Oil Revenue

4,726.10

3,618.80

3,255.70

18,325.20

26,375.10

30,667.00

41,718.40

135,439.70

114,814.00

166,000.00

139,297.60

224,765.40

314,483.90

903,462.30

500,986.30

10,182.80

9,884.90

9,798.60

54,000.00

77,800.00

106,799.40

110,461.00

161,998.90

179,000.00

208,000.00

257,331.40

576,801.40

1,262,468.30

1,427,432.40

1,606,119.70

Total Federally Collected Revenue

Federation Account
Fed Govt Retained Revenue

7,511.60

5,819.10

6,272.00

30,829.20

53,264.90

126,071.20

90,622.60

249,768.10

325,144.00

351,262.30

353,724.10

662,585.30

597,282.10

796,976.70

716,754.20

11,413.70

11,923.20

9,636.50

66,584.40

92,797.40

191,228.90

160,893.20

248,768.10

337,217.60

428,215.20

487,113.40

947,690.00

701,059.40

1,018,025.60

1,018,155.80

Recurrent Expenditure1

4,846.70

5,506.00

4,750.80

38,243.50

53,034.10

136,727.10

89,974.90

127,629.80

124,491.30

158,563.50

178,097.80

449,662.40

461,600.00

579,300.00

696,800.00

Capital Expenditure2

6,567.00

6,417.20

4,885.70

28,340.90

39,763.30

54,501.80

70,918.30

121,138.30

212,926.30

269,651.70

309,015.60

498,027.60

239,450.90

438,696.50

321,378.10

2,664.90

313.10

1,521.20

-7,414.30

230.80

-53,233.50

647.70

122,138.30

244,975.70

264,651.70

175,626.30

212,922.90

135,673.60

217,647.60

19,976.50

5.60

0.64

2.86

-2.38

0.04

-7.78

0.07

6.32

9.06

9.45

6.48

6.67

2.96

4.61

0.29

-3,902.10

-6,104.10

-3,364.50

-35,755.20

-39,532.50

-65,157.70

-70,270.60

1,000.00

32,049.40

-5,000.00

-133,389.30

-285,104.70

-103,777.30

-221,048.90

-301,401.60

Total Expenditure

Current Surplus(+)/Deficit(-)
% of GDP
Overall Surplus(+)/Deficit(-)
% of GDP

-8.19

-12.44

-6.34

-11.45

-7.42

-9.53

-7.81

0.05

1.19

-0.18

-4.92

-8.93

-2.26

-4.68

-4.36

47,619.66

49,069.28

53,107.38

312,139.74

532,613.83

683,869.79

899,863.22

1,933,211.55

2,702,719.13

2,801,972.58

2,708,430.86

3,194,014.97

4,582,127.29

4,725,086.00

6,912,381.25

3,902.10

6,104.10

3,364.50

35,755.20

39,532.50

65,157.70

70,270.60

-1,000.00

-32,049.40

5,000.00

133,389.30

285,104.70

103,777.30

221,048.90

301,401.60

464.40

263.50

1,106.90

2,972.60

-11,859.60

16,963.50

8,390.80

22,455.40

7,825.40

13,382.60

16,605.60

21,040.80

0.01

0.00

0.00

4,200.80

3,402.00

7,057.00

32,112.40

46,716.70

91,136.00

7,102.20

(32,049.40)

(8,382.60)

116,783.70

264,065.90

103,447.30

118,720.00

149,026.70

Banking System (net) of which: 3,018.00

3,989.20

5,296.30

31,107.10

33,598.90

89,402.00

40,900.10

17,819.60

-153,143.20

-62,880.50

108,990.50

172,638.10

2,989.20

3,271.20

18,430.80

46,433.40

62,383.60

41,253.00

7,312.60

-52,288.40

Nominal GDP
Financing:
Foreign (net)
Domestic (net)
CBN
Deposit Money Banks
Non Bank Public
Other Funds

3,624.10

60,247.60

60,794.50

225,685.50

-200,173.50
260,968.00

89,346.90

-88,951.40

1,760.70

1,005.30

13,117.80

1,734.00

19,347.50

-10,717.40

9,953.70

2,243.40

-5,104.80

-18,560.70

30,310.30

-18,014.10

88,232.20

-763.10

2,438.60

-4,799.40

670.20

4,675.40

-364.20

1,632.20

-30,557.60

103,314.70

52,254.50

12,898.00

109,986.50

330.00

102,328.90

152,374.90

Includes capital repayments on debt service, other transfers and net lending

Includes Public, Special and Trust Funds, Treasury Clearance Funds, excess reserves, etc

Minus (-) denotes increase; Plus (+) denotes decrease

4
Revised
5
Provisional

136,734.10

412.80

73,137.00
-16,209.90

Notes: 1Includes interest payments on debt service, other transfers and extra-budgetary items

174,875.10 -

1,182.80

Sources: Federal Ministry of Finance & Central Bank of Nigeria

12,795.00

Table B.1.1: Summary of Federal Government Finances (N' Million)

2003

2008 4

2009 4

2,575,095.90

7,866,590.38

4,844,592.34

2,074,280.60

6,530,600.00

3,191,900.00

500,815.30

1,336,000.00

1,652,700.00

Federation Account

2,011,585.60

4,552,836.48

Fed Govt Retained Revenue

1,023,241.20

Total Expenditure

Item
Total Federally Collected Revenue

2010 4

2011 4

2012 5

11,116,900.00

10,654,724.87

5,396,100.00

8,879,000.00

8,025,953.48

1,907,600.00

2,237,900.00

2,628,771.39

3,600,073.48

4,784,474.11

6,158,400.00

6,565,221.10

3,193,440.00

2,642,982.34

3,089,175.10

3,553,543.48

3,629,595.72

1,225,965.90

3,240,819.60

3,452,990.80

4,194,576.51

4,712,061.98

4,605,319.72

Recurrent Expenditure1

984,300.00

2,117,362.00

2,127,971.50

3,109,378.51

3,314,513.33

3,325,156.25

Capital Expenditure2

241,688.30

960,890.10

1,152,796.50

883,874.50

918,548.90

874,762.27

38,963.60

1,076,078.00

515,010.84

-20,203.41

239,030.15

304,439.46

0.46

4.43

2.08

-0.06

0.64

0.75

-202,724.70

-47,379.60

-810,008.46

-1,105,401.41

-1,158,518.50

-975,724.00

Oil Revenue
Non- Oil Revenue

Current Surplus(+)/Deficit(-)
% of GDP
Overall Surplus(+)/Deficit(-)
% of GDP
Nominal GDP
Financing:

-2.39

-0.20

-3.27

-3.25

8,487,031.57

24,296,329.29

24,794,238.66

33,984,754.13

37,409,860.61

40,544,099.94

809,990.50

1,105,381.70

1,158,518.50

975,724.00

202,724.70

Foreign (net)
Domestic (net)
Banking System (net) of which:

47,381.76

-3.10

0.00

0.00

29,812.00

75,027.20

73,328.30

163,746.40

98,850.00

893,000.00

1,124,280.00

1,173,200.00

134,246.40

67,903.69

749,700.00

496,432.00

-4,213.80

0.00

118,450.00

6,202.71

Deposit Money Banks

40,200.00

72,117.49

175,610.00

631,250.00

490,229.29

29,500.00

82,778.07

394,980.00

354,450.00

355,840.00

0.00

7,000.00

6,354.50

3,025.50

7,500.00

39,000.00

-103,300.00

202,588.50

-80,150.00

229,892.70

223,787.00

Sources: Federal Ministry of Finance & Central Bank of Nigeria

Notes: 1Includes interest payments on debt service, other transfers and extra-budgetary items
2

Includes capital repayments on debt service, other transfers and net lending

1,157,737.56

94,046.40

Privatization Proceed

175,610.00

-2.41

CBN
Non Bank Public
Other Funds3

7,303,671.55

Includes Public, Special and Trust Funds, Treasury Clearance Funds, excess reserves, FG's contribution to the External Creditors' Fund etc
Minus (-) denotes increase; Plus (+) denotes decrease
4
Revised
5
Provisional

744,437.00

Table B.1.2: Federal Government Recurrent Expenditure (N' Million)

Function
Administration

1981

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

914.91

8,684.51

30,570.17

20,535.64

28,757.90

46,547.28

56,184.3

50,678.8

183,637.3

144,530.1

180,800.95

266,509.8

1. General administration

914.91

8,684.51

30,570.17

11,933.81

16,902.70

24,564.59

30,915.46

23,933.59

85,793.03

67,455.00

75,076.04

117,941.67

2. Defence

4,206.07

6,597.60

10,823.30

14,206.33

14,762.74

53,155.44

43,402.32

47,069.24

69,133.82

3. Internal Security

4,395.77

5,257.60

11,159.39

11,062.56

11,982.46

38,663.97

25,154.67

38,853.05

63,236.06

4. National Assembly
Social and Community Services

6,024.87

8,518.12

19,802.61

16,198.21

294.75

1,336.15

14,659.82

10,085.42

13,820.80

15,989.18

22,060.13

21,441.43

71,371.20

84,785.05

79,630.41

152,185.38

165.43

291.30

8,882.38

7,382.74

9,746.40

11,496.15

14,853.54

13,589.49

43,610.65

57,956.64

39,882.60

80,530.88

6. Health

84.46

150.16

3,871.60

2,093.98

3,320.70

3,023.71

3,891.10

4,742.27

16,638.77

15,218.08

24,522.27

40,621.42

7. Other social and community services

44.86

894.69

1,905.84

608.70

753.70

1,469.32

3,315.49

3,109.67

11,121.78

11,610.33

15,225.54

31,033.09

Economic Services

175.65

3,080.11

7,749.86

3,909.87

5,917.90

4,752.96

6,200.40

11,574.72

87,076.72

28,591.93

53,008.45

52,951.44

8. Agriculture

13.03

455.97

1,803.81

1,183.29

1,510.40

1,592.56

2,058.88

2,891.70

59,316.17

6,335.78

7,064.55

9,993.55

9. Construction

96.66

1,140.87

2,323.46

1,144.09

1,699.10

932.50

1,807.98

5,634.62

16,638.77

4,991.09

7,202.04

7,452.14

10. Transport & Communication

32.42

552.39

2,027.01

445.50

1,080.90

2,068.47

1,579.11

1,921.49

11,121.78

3,034.68

33,933.40

29,387.12

5. Education

11. Other economic services

Transfers
12. Public debt servicing
13. Pensions and gratuities
14. Contingencies/subventions
15. Other/Other CFR charges
TOTAL

33.54
3,461.39

930.88
39,933.34

1,595.58
83,747.25

1,136.99
55,443.97

1,627.50
79,133.20

1,126.90
94,402.87

107,577.16

203,692.91

14,230.37

68,539.74

64,394.53

30,843.38

131,048.02

155,416.22

17,036.24

30,044.90

57,082.41

4,808.46

4,259.68

19,400.26

81,081.58

49,400.32

210.39

19,047.17

2,651.53

1,728.39

1,996.90

0.00

8.72

1,485.91

14.15

259.60

21,990.50

236.82

305.98

243.92

2,214.87

0.00

0.00

4,055.67

4,087.40

3,917.56

5,272.91

29,764.42

76,733.78

55,608.65

4,846.70

53,034.10

136,727.10

89,974.90

127,629.80

124,491.30

158,563.5

178,097.8

449,662.4

461,600.0

Note: 3Excludes interest payments on debt service, other transfers and extra- budgetary items

53,047.50

754.43
74,118.63

1,027.41

Sources: Federal Republic of Nigeria Official Gazettes and the various states' official Gazettes

51,058.40

159.43
57,201.87

4,808.46
265,860.19

75,590.62
579,300.00

6,118.62
225,153.41
163,811.32

696,800.0

Table B.1.2: Federal Government Recurrent Expenditure (N' Million)

Function
Administration
1. General administration
2. Defence
3. Internal Security
4. National Assembly
Social and Community Services
5. Education

2008

2009

2010

2012 1

2011

731,022.79

820,794.70

1,267,095.11

1,427,069.50

1,309,400.00

369,533.42

437,930.83

694,536.54

699,218.40

500,100.00

95,849.63

54,842.64

198,710.54

283,204.86

296,800.00

196,901.82

221,649.82

224,196.59

279,963.07

362,500.00

68,737.92

106,371.40

149,651.44

164,683.17

150,000.00

332,925.98

354,233.05

550,930.30

620,755.53

640,100.00

163,977.47

137,156.62

170,770.56

335,837.89

348,400.00

6. Health

98,219.32

90,202.60

99,119.92

231,803.49

197,900.00

7. Other social and community services

70,729.19

126,873.83

281,039.82

53,114.15

93,800.00

Economic Services

313,751.23

317,191.42

412,996.08

310,537.76

230,100.00

8. Agriculture

65,399.01

22,435.20

28,217.95

41,169.88

33,300.00

9. Construction

94,464.27

80,628.45

57,090.96

195,862.88

83,300.00

10. Transport & Communication

67,385.51

90,027.93

42,406.03

13,103.12

23,200.00

11. Other economic services

86,502.44

124,099.84

285,281.14

60,401.89

90,300.00

739,662.00

635,752.33

878,357.02

956,150.54

1,145,578.00

12. Public debt servicing

381,200.00

251,791.20

415,621.70

527,182.74

679,278.00

13. Pensions and gratuities

137,900.00

195,709.00

183,481.00

131,522.69

147,100.00

Transfers

14. Contingencies/subventions
15. Other/Other CFR charges
TOTAL

220,562.00

188,252.13

279,254.32

297,445.10

319,200.00

2,117,362.00

2,127,971.50

3,109,378.51

3,314,513.33

3,325,178.00

Sources: Federal Republic of Nigeria Official Gazettes and the various states' official Gazettes
Note:

1
2

Provisional
Excludes interest payments on debt service, other transfers and extra- budgetary items; For 2012, this includes N3,325.2b of budgetary recurrent
expenditure and N267.8b of transfers

Table B.1.3: Federal Government Capital Expenditure (N' Million)

Social
Year
1981

Admin-

% of

Economic

% of

Community

% of

istration

Total

Services

Total

Services

Total

720.1

11.0

3,629.4

55.3

Transfers

% of

Total

% of

Total

GDP

1,299.0

19.8

918.5

14.0

6,567.0

13.8

1982

385.4

6.0

2,542.5

39.6

968.3

15.1

2,521.0

39.3

6,417.2

13.1

1983

1,098.2

22.5

2,290.7

46.9

1,026.5

21.0

470.3

9.6

4,885.7

9.2

1984

262.7

6.4

656.3

16.0

237.6

5.8

2,943.5

71.8

4,100.1

6.9

1985

459.6

8.4

892.7

16.3

1,154.0

21.1

2,958.4

54.1

5,464.7

8.0

1986

264.8

3.1

1,099.9

12.9

655.4

7.7

6,506.7

76.3

8,526.8

12.3

1987

1,816.2

28.5

2,159.7

33.9

619.1

9.7

1,777.5

27.9

6,372.5

6.1

1988

1,898.6

22.8

2,128.7

25.5

1,726.0

20.7

2,586.8

31.0

8,340.1

6.0

1989

2,617.5

17.4

3,926.3

26.1

1,844.8

12.3

6,645.5

44.2

15,034.1

6.9

1990

2,919.9

12.1

3,485.7

14.5

2,096.0

8.7

15,547.0

64.6

24,048.6

9.0

1991

3,345.0

11.8

3,145.0

11.1

1,491.7

5.3

20,359.2

71.8

28,340.9

9.1

1992

5,118.5

12.9

2,336.7

5.9

2,132.6

5.4

30,175.5

75.9

39,763.3

7.5

1993

8,081.7

14.8

18,344.7

33.7

3,575.3

6.6

24,500.1

45.0

54,501.8

8.0

1994

8,785.1

12.4

27,102.8

38.2

4,994.4

7.0

30,036.0

42.4

70,918.3

7.9

1995

13,337.8

11.0

43,149.2

35.6

9,215.6

7.6

55,435.7

45.8

121,138.3

6.3

1996

14,863.6

7.0

117,829.1

55.3

8,656.2

4.1

71,577.4

33.6

212,926.3

7.9

1997

49,549.0

18.4

169,613.1

62.9

6,902.0

2.6

43,587.6

16.2

269,651.7

9.6

1998

35,270.4

11.4

200,861.9

65.0

23,365.6

7.6

49,517.7

16.0

309,015.6

11.4

1999

42,737.2

8.6

323,580.8

65.0

17,253.5

3.5

114,456.1

23.0

498,027.6

15.6

2000

53,279.5

22.3

111,508.6

46.6

27,965.2

11.7

46,697.6

19.5

239,450.9

5.2

2001

49,254.9

11.2

259,757.8

59.2

53,336.0

12.2

76,347.8

17.4

2002

73,577.4

22.9

215,333.4

67.0

32,467.3

10.1

0.0

2003

87,958.9

36.4

97,982.1

40.5

55,736.0

23.1

2004

137,765.9

39.2

167,721.8

47.7

30,032.5

2005

171,574.1

33.0

265,034.7

51.0

71,361.2

2006

185,224.3

33.5

262,207.3

47.5

78,681.3

2007

226,974.4

29.9

358,375.6

47.2

2008

287,103.6

29.9

504,286.9

52.5

2009

315,880.0

27.4

506,010.0

2010

264,554.2

29.9

2011

232,600.0

25.3

2012 1

190,500.0

21.8

438,696.5

9.3

321,378.1

4.6

11.3

0.0

241,688.3

2.8

8.6

15,729.8

4.5

351,250.0

3.1

13.7

11,500.0

2.2

519,470.0

3.6

14.2

26,272.9

4.8

552,385.8

3.0

150,895.2

19.9

23,036.0

3.0

759,281.2

3.7

152,174.6

15.8

17,325.0

1.8

960,890.1

4.0

43.9

120,710.0

10.5

210,200.0

18.2

1,152,800.0

4.6

412,245.2

46.6

147,409.5

16.7

59,661.1

6.7

883,870.0

2.6

386,500.0

42.1

91,900.0

10.0

207,500.0

22.6

918,500.0

2.5

321,000.0

36.7

97,400.0

11.1

Sources: Federal Ministry of Finance, Office of the Accountant-General of the Federation

Note: 1Provisional
For 2012, this includes N874.76b of budgetary capital expenditure and N137.56b of transfers

265,900.0

30.4

874,800.0

2.2

Table B.1.4: Federal Government's Domestic Debt Outstanding (N' Million)

Year

Treasury

FGN

Treasury

Treasury

Development

Bills

Bonds1

Certificates/
Promissory Note2

Bonds

Stocks

5,782.00

2,057.60

3,353.00

11,192.60

1982

9,782.00

1,668.60

3,557.00

15,007.60

1983

13,476.00

4,894.40

3,851.00

22,221.40

1984

15,476.00

6,413.10

3,783.00

25,672.10

1985

16,976.00

6,654.10

4,319.00

27,949.10

1986

16,976.00

6,654.70

4,808.00

28,438.70

1987

25,226.00

6,654.10

4,909.00

36,789.10

1988

35,476.00

6,794.60

4,759.00

47,029.60

1989

24,126.00

6,944.60

11,350.00

4,629.00

47,049.60

1990

25,476.00

34,214.60

20,000.00

4,402.50

84,093.10

1991

57,763.10

34,214.60

20,000.00

4,221.00

116,198.70

1992

119,752.80

35,241.40

19,006.50

3,961.00

177,961.70

1993

116,380.70

36,584.30

117,139.70

3,731.70

273,836.40

1994

170,925.90

37,342.70

195,964.10

3,350.00

407,582.70

1995

276,905.20

23,596.30

174,062.39

3,170.00

477,733.89

1996

179,628.00

237,387.60

2,960.00

419,975.60

1997

364,523.50

134,387.60

2,840.00

501,751.10

1998

378,530.10

179,620.10

2,680.00

560,830.20

1999

361,758.40

430,608.20

2,440.00

794,806.60

2000

465,535.70

430,608.20

2,110.00

898,253.90

2001

584,535.80

430,608.20

1,830.00

1,016,974.00

2002

733,762.50

430,608.20

1,630.00

1,166,000.70

2003

825,050.00

72,560.00

430,600.00

1,470.00

1,329,680.00

2004

871,577.00

72,560.00

424,938.20

1,250.00

1,370,325.20

2005

854,828.40

250,830.00

419,268.20

980.00

1,525,906.60

2006 1,667,689.10

643,940.00

413,598.20

720.00

2,725,947.30

2007 2,533,265.30

1,186,160.00

407,928.20

620.00

4,127,973.50

2008

471,929.43

1,445,599.58

402,258.15

520.00

2,320,307.16

2009

797,482.45

1,974,926.57

63,030.00

392,070.00

520.00

3,228,029.02

2010 1,277,100.00

2,901,600.00

372,900.00

220.00

4,551,820.00

2011 1,727,910.00

3,541,200.00

353,730.00

5,622,840.00

2012 2,122,926.96

4,080,048.85

1981

Source: Central Bank of Nigeria and Debt Management Office

Notes: 1Issuance of FGN Bonds commenced in 2003.
2

2009 figure is Promissory Note while the rest are Treasury Certificates.
"" Indicates "Not Available"

334,560.50

Total

6,537,536.31

Table B1.5: Holdings of Federal Government's Domestic Debt Outstanding (N' Million)
Year

CBN

Commercial
Banks

Merchant
Banks 1

Total Banking
System

Non-Bank
Public

Total

1981

4,523.60

1,773.90

69.40

6,366.90

4,825.70

11,192.60

1982

6,488.90

2,818.60

174.70

9,482.20

5,525.40

15,007.60

1983

10,402.20

5,140.40

385.50

15,928.10

6,293.30

22,221.40

1984

9,531.70

8,726.10

894.00

19,151.80

6,520.30

25,672.10

1985

9,905.50

10,254.90

1,133.90

21,294.30

6,654.80

27,949.10

1986

16,103.30

4,422.00

148.20

20,673.50

7,765.20

28,438.70

1987

17,646.90

7,572.70

285.40

25,505.00

11,284.10

36,789.10

1988

26,636.00

7,309.60

167.90

34,113.50

12,916.10

47,029.60

1989

15,647.70

3,614.00

84.60

19,346.30

27,703.30

47,049.60

1990

27,380.80

8,702.40

362.10

36,445.30

47,647.80

84,093.10

1991

62,294.30

6,813.50

673.00

69,780.80

46,417.90

116,198.70

1992

138,769.60

5,535.10

693.30

144,998.00

32,963.70

177,961.70

1993

202,434.70

29,535.40

9,344.00

241,314.10

32,522.30

273,836.40

1994

308,440.81

38,901.10

8,371.00

355,712.91

51,869.80

407,582.71

1995

414,285.93

20,539.80

1,755.80

436,581.53

41,152.40

477,733.93

1996

312,804.26

47,243.30

8,821.90

368,869.46

51,106.10

419,975.56

1997

403,301.55

39,402.20

5,697.90

448,401.65

53,349.50

501,751.15

1998

454,910.51

48,795.30

8,879.70

512,585.51

48,244.70

560,830.21

1999

530,420.83

188,165.50

13,325.30

731,911.63

62,894.97

794,806.60

2000

511,445.79

277,345.70

14,711.10

803,502.59

94,751.31

898,253.90

2001

738,585.37

202,966.20

941,551.57

75,422.43

1,016,974.00

2002

532,453.20

461,357.00

993,810.20

172,190.50

1,166,000.70

2003

592,234.10

371,370.40

963,604.50

293,515.50

1,257,120.00

2004

441,590.00

605,185.10

1,046,775.10

250,990.10

1,297,765.20

2005

188,298.90

613,285.20

801,584.10

473,492.47

1,275,076.57

2006

652,493.10

972,689.10

1,625,182.20

456,825.10

2,082,007.30

2007

97,038.49

1,958,335.89

2,055,374.38

886,439.10

2,941,813.48

2008

289,370.00

1,482,160.00

0.00

1,771,530.00

548,780.00

2,320,310.00

2009

323,180.00

1,274,580.00

284,720.00

1,882,480.00

1,345,550.00

3,228,030.00

2010

343,140.00

2,605,010.00

144,370.00

3,092,520.00

1,459,300.00

4,551,820.00

2011

348,000.00

3,790,800.00

147,200.00

4,286,000.00

1,336,800.00

5,622,800.00

2012

398,268.28

3,580,423.57

160,318.87

4,139,010.72

2,398,525.58

6,537,536.31

Source: Central Bank of Nigeria and Debt Management Office

Note: 1 2008 to 2012 figures are Sinking Fund while the rest are Merchant Banks
"" Indicates "Not Available"

Table B.1.6: Nigeria's External Debt Outstanding (N' Million)

Years

Multilateral

Paris Club

London
Club

Promissory
Notes

Others

Total

1981

179.60

1,975.90

0.00

0.00

175.70

2,331.20

1982

530.40

5,474.40

1,981.70

0.00

832.90

8,819.40

1983

566.40

6,002.20

2,758.80

548.90

701.40

10,577.70

1984

1,271.20

6,360.40

5,443.70

1,155.10

578.30

14,808.70

1985

1,293.50

7,726.40

6,164.30

1,273.90

842.50

17,300.60

1986

4,670.70

21,725.30

8,444.70

4,152.60

2,459.10

41,452.40

1987

8,781.50

63,205.60

6,766.50

20,634.70

1,400.80

100,789.10

1988

9,991.80

75,445.30

14,986.10

25,742.10

7,791.00

133,956.30

1989

21,473.60

121,229.60

42,840.00

35,067.60

19,782.90

240,393.70

1990

34,606.30

154,550.60

53,431.80

40,950.50

15,075.20

298,614.40

1991

39,458.30

173,051.20

58,238.10

43,561.90

14,144.30

328,453.80

1992

89,274.30

324,729.90

41,890.60

64,140.00

24,229.30

544,264.10

1993

81,456.30

400,380.90

45,323.80

69,665.70

36,317.70

633,144.40

1994

97,056.60

404,212.60

45,367.90

70,069.10

32,106.80

648,813.00

1995

97,042.00

476,731.20

44,990.00

69,256.00

28,846.40

716,865.60

1996

102,630.00

420,002.00

44,946.00

47,080.00

2,662.00

617,320.00

1997

96,199.00

417,568.80

44,946.00

35,475.90

1,742.20

595,931.90

1998

93,214.00

458,257.80

44,946.00

35,151.60

1,447.60

633,017.00

1999

361,194.90

1,885,664.80

187,627.10

136,523.80

6,363.80

2,577,374.40

2000

379,043.00

2,320,269.00

223,832.60

158,486.00

15,753.30

3,097,383.90

2001

313,504.70

2,475,509.40

228,950.20

144,746.20

13,580.50

3,176,291.00

2002

375,700.10

3,220,823.50

182,964.50

146,341.10

7,055.60

3,932,884.80

2003

413,877.70

3,737,279.90

196,156.90

123,994.60

7,020.20

4,478,329.30

2004

384,248.70

4,196,844.60

196,155.50

106,558.40

6,462.40

4,890,269.60

2005

330,654.40

2,028,580.10

189,768.40

85,526.70

60,542.60

2,695,072.20

2006

332,219.20

0.00

0.00

64,832.60

54,409.90

451,461.70

2007

363,448.79

0.00

0.00

0.00

67,631.05

431,079.85

2008

464,557.85

0.00

0.00

0.00

58,696.24

523,254.09

2009

524,204.61

0.00

0.00

0.00

66,232.53

590,437.13

2010

635,447.72

0.00

0.00

0.00

54,389.77

689,837.49

2011
2012

723,122.97
727,322.43

0.00

0.00

0.00

173,726.65
299,581.49

896,849.62
1,026,903.92

Sources: Central Bank of Nigeria and Debt Management Office

Table B.2.1: Summary of State Governments' and Federal Capital Territory Finances (N' Million)

Total Revenue
(i) Federation Account1
(ii) Value Added Tax

1981

1982

1983

4,874.80

4,561.50

4,329.40

4,400.90

4,844.90

3,825.60

3,245.70

2,958.50

2,722.00

3,260.80

1984

(iii) Internal Revenue

142.60

74.90

38.00

58.80

(iv) Grants & Others

906.60

1,240.90

1,332.90

1,620.10

(v) Stabilization Funds Receipts

1985

1,584.10

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

4,704.40 8,151.60 10,360.10 11,502.10 19,967.40 24,772.20 32,673.60 37,740.60 49,506.10 69,641.70 89,529.10 96,962.60
2,843.80
1,860.60

6,197.10
1,954.50

8,181.30
2,178.80

9,899.80
1,602.30

16,378.80
-

19,742.20
-

24,497.30
-

27,660.60
-

29,006.80

38,671.50

41,493.00

50,902.50

5,026.00

6,256.90

11,286.00

13,905.30

2,761.70

3,181.20

5,244.70

5,726.20

10,929.80

16,993.00

19,467.00

27,368.20

670.50

1,382.00

957.30

1,622.50

3,478.30

7,284.00

16,652.30

4,337.30

2,731.30

1,065.20

436.30

630.80

449.30

29,799.00

37,772.20

53,152.00

54,825.00

58,956.20

156.40

466.80

1,974.30

20,780.30

(vi) Others
Recurrent Expenditure

Current Surplus (+)/Deficit (-)

Capital Expenditure

4,611.00

4,733.90

5,262.10

4,590.60

4,823.10

263.80

-172.40

-932.70

-189.70

21.80

6,379.90

5,946.60

5,828.80

2,474.30

1,034.00

4,601.00

5,721.20

7,193.40

8,140.60

13,387.50

15,872.30

103.40 2,430.40

3,166.70

3,361.50

6,579.90

8,899.90 11,893.30

7,941.60 11,733.90 16,489.70 34,704.10 38,006.40

3,585.10

4,834.10

6,661.80

11,151.40

14,381.70

1,173.70

2,542.30

16,280.30

18,144.00

24,743.10

29,162.60

33,730.00

Extra-budgetary Expenditure6
Total Expenditure

10,990.90 10,680.50 11,090.90

Overall Surplus (+)/Deficit (-)

-6,116.10

-6,119.00

Financing

7,064.90

5,857.10

5,774.70 8,263.50 10,778.50 12,974.70 20,049.30 27,023.70 37,060.60 44,180.90 55,916.00 77,895.50 83,987.00 92,686.00

-6,761.50 -2,664.00 -1,012.20 -1,070.30

-111.90

-418.40

-1,472.60

-81.90

-2,251.50

-4,387.00

-6,440.30

-6,409.90

-8,253.80

5,542.10

4,276.60

6,116.10

6,119.00

6,761.50

2,664.00

1,012.20

1,070.30

111.90

418.40

1,472.60

81.90

2,251.50

4,387.00

6,440.30

6,410.30

8,253.90

-5,540.90

-4,276.30

(a) Internal Loans2

558.90

546.80

-737.00

446.90

487.50

1,343.30

3,739.40

973.70

2,064.50

158.00

350.80

986.90

218.30

979.80

2,723.60

131.60

180.00

(b) External Loans

1,167.40

1,331.20

1,652.80

1,318.20

795.20

102.50

1,678.10

2,214.80

3,962.20

1,641.30

2,595.00

191.80

(c) Opening Cash Balance

(d) Other Funds3

4,389.80

4,241.00

5,845.70

898.90

524.70

Sources: Central Bank of Nigeria/Offices of the Accountant General of the States and Federal Capital Territory (FCT)
Note: F.C.T. finances are included as from 1990
1
Statutory Allocations (Gross)
2
Internal Loans include Capital Receipts for 1986-1989
3
Positive (+) sign connotes decrease while negative (-) sign connotes increase in Other Funds
4
Revised
5
Provisional
6
Includes contribution to external debt fund and other deductions at source
"-" Indicates "Not Available"

-273.00 -3,627.50

-555.30

-591.90

-871.30

1,798.20

1,722.00

4,007.20

1,468.30

3,889.00

-8,267.50

-4,648.10

1998

1999

2000

2001

2002

2003

2004

2005

2008

2007

2008

2009 4

2010 5

2011 5

2012 5

143,202.50

168,990.10

359,072.10

573,548.20

669,817.70

854,997.10

1,113,943.70

1,419,637.00

1,543,770.10

2,065,405.90

2,934,835.73

2,590,673.16

3,162,538.70

3,410,144.19

3,572,515.92

66,067.10

103,657.30

251,570.00

404,094.00

388,294.70

535,179.90

777,208.00

920,985.90

1,016,078.20

1,109,338.80

1,709,186.21

973,790.34

1,353,741.34

1,786,254.13

1,857,031.51

16,206.80

23,750.50

30,643.80

44,912.90

52,632.00

65,887.60

96,195.60

87,449.80

110,566.80

144,372.80

198,065.34

229,323.19

275,574.63

317,994.64

347,688.20

29,213.90

34,109.00

37,788.50

59,416.00

89,606.90

118,753.50

134,195.30

122,737.80

125,228.90

305,706.30

441,145.88

461,224.51

757,900.00

509,290.85

548,120.27

31,477.80

6,551.70

33,289.30

58,064.40

129,714.40

134,179.30

104,344.80

137,445.30

125,323.10

209,378.80

179,007.20

188,047.46

224,200.00

88,695.78

95,667.76

236.90

921.60

5,780.50

7,060.90

9,569.70

996.80

2,000.00

10,775.30

11,885.20

37,694.90

53,368.20

29,731.58

51,000.00

11,215.49

1,251.30

140,242.90

154,687.90

258,914.30

354,062.90

708,556.08

500,122.74

696,693.30

542,389.99

75,124.70

102,690.10

196,784.10

294,709.50

424,195.40

545,308.70

556,812.30

789,127.40

894,323.90

1,217,432.90

1,505,629.95

1,426,055.62

1,648,400.00

2,055,755.88

1,664,273.97

68,077.80

66,300.00

162,288.00

278,838.70

245,622.30

309,688.40

557,131.40

630,509.60

649,446.20

847,973.00

1,429,205.78

1,164,617.54

1,514,138.70

1,354,388.31

1,908,241.95

68,648.90

60,430.90

158,895.60

235,241.70

283,473.80

324,019.90

412,926.20

514,724.70

583,976.40

854,793.20

1,455,702.74

1,284,161.39

1,522,400.00

1,375,212.91

1,965,297.92

4,359.20

4,775.10

3,990.90

67,005.20

16,868.00

51,831.10

155,318.50

174,733.30

108,496.30

43,912.80

60,269.55

66,695.95

95,434.72

111,032.37

215,353.94

143,168.80

167,896.00

359,670.60

596,956.40

724,537.20

921,159.70

1,125,057.00

1,478,585.40

1,586,796.60

2,116,138.90

3,021,602.24

2,776,912.95

3,266,234.72

3,542,001.15

3,844,925.84

33.70

1,094.10

-598.50

-23,408.20

-54,719.50

-66,162.60

-11,113.30

-58,948.40

-43,026.50

-50,733.00

-86,766.50

-186,239.79

-103,696.01

-131,856.96

-272,409.92

-33.70

-1,094.00

598.20

23,408.20

54,719.50

66,162.60

11,113.30

58,948.40

43,026.50

50,732.90

86,766.50

186,239.79

103,700.00

131,856.96

272,409.92

4,149.20

4,479.90

3,834.90

19,232.10

32,451.70

71,030.90

4,396.90

22,557.10

26,954.00

5,860.10

60,196.40

162,271.70

88,100.00

170,408.42

223,403.33

246.00

295.20

156.00

1,410.20

15,879.30

14,680.40

0.00

0.00

0.00

25,735.20

38,260.54

7,978.95

7,600.00

41,300.00

10,381.05

4,936.80

5,092.00

13,005.00

33,255.60

14,262.30

0.00

0.00

163,467.60

0.00

0.00

0.00

-2,170.90

1,296.50

-32,553.70

3,135.70

1,810.20

19,137.60

-11,690.44

-147,478.45

8,000.00

-79,851.47

38,625.54

-4,428.90

-5,869.10

-3,392.70

6,716.40

Table B.3.1: Summary of Local Governments' Finances (N' Million)

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

CURRENT REVENUE
19,874.5
(i) Federation Account3
18,316.4
(ii) State Allocation
253.1
(iii) Value Added Tax
0.0
(iv) Internally Generated Revenue 1,035.6
(v) Grants & Others4
269.4
RECURRENT EXPENDITURE
13,966.5
Current Surplus(+)/Deficit(-)
5,908.0
CAPITAL EXPENDITURE
5,508.8
TOTAL EXPENDITURE
19,475.3
Overall Surplus(+)/Deficit(-)
399.2
FINANCING
-399.2
(a) Loans
39.9
(b) Opening Cash Balance
(c) Other Funds5
-439.1

19,223.1

24,412.7

23,789.6

31,254.4

44,948.2

60,800.6

151,877.3

171,523.1

172,151.1

17,321.3
466.4
0.0
1,205.9

17,875.5
625.4
3,558.1
2,110.8

17,586.5
685.1
3,306.9
2,211.1

20,443.3
578.9
7,586.1
2,506.9

30,600.9
750.4
10,170.8
3,331.6

43,870.3
419.8
9,559.8
4,683.8

118,589.4
1,923.1
13,908.7
7,152.9

128,500.5
1,598.6
20,102.7
6,020.4

128,896.7
1,672.3
18,727.2
10,420.8

229.5
14,884.2
4,338.9
4,082.9
18,967.1
256.0
-256.0
71.5
-

242.9
16,317.2
8,095.5
6,126.1
22,443.3
1,969.4
-1,969.4
50.5
-

0.0
16,620.1
7,169.5
6,045.5
22,665.6
1,124.0
-1,124.0
-11.0
-

139.2
21,856.5
9,397.9
8,083.4
29,939.9
1,314.5
-1,314.5
-1,519.1
-

94.5
29,192.2
15,756.0
14,864.7
44,056.9
891.3
-891.3
2,888.9
523.0

2,266.9
41,613.9
19,186.7
18,827.3
60,441.2
359.4
-359.4
259.6
2,499.4

10,303.2
93,899.9
57,977.4
59,964.9
153,864.8
-1,987.5
1,987.5
3,734.6
3,356.0

15,300.9
122,712.7
48,810.4
48,661.8
171,374.5
148.6
-148.6
3,756.3

12,434.1
124,701.6
47,449.5
45,118.6
169,820.2
2,330.9
-2,330.9
4,928.1

-327.5

-2,019.9

-1,124.0

-1,519.1

2,356.9

-3,118.4

-5,103.1

-3,904.8

-7,259.0

Source: Central Bank of Nigeria

Notes: Local Government Survey commenced in 1993
1

Revised

Provisional

Made up of Gross Statutory Allocation, Exchange Gain, Share of Excess Crude, FGN refund to Local Governments and Augmentation
4

Include Stabilization Fund and Gen. Ecology

Positive (+) sign connotes decrease while negative (-) sign connotes increase in 'Other Funds'.

2003

2004

2005

2006

2007

2008

2009

2010

20111

20122

370,170.9

468,295.2

597,219.1

674,255.7

832,300.0

1,378,967.1

1,069,365.3

1,380,507.2

1,603,759.2

1,644,303.8

291,406.9
2,119.8
39,648.4
20,175.5

375,656.3
3,625.7
45,985.2
22,407.8

493,000.3
3,243.9
55,793.6
24,042.5

550,796.3
3,434.8
75,920.0
23,225.1

568,300.0
3,000.0
105,100.0
21,300.0

722,255.6
6,821.1
135,918.1
23,114.0

529,315.0
19,735.7
157,378.6
26,064.2

715,965.1
39,700.0
189,119.8
27,200.0

940,031.7
14,000.0
218,230.8
27,300.0

977,401.8
4,709.0
238,546.4
26,615.5

16,820.3
211,633.0
158,537.9
150,080.2
361,713.2
8,457.7
-8,457.7
6,805.4

20,620.2
295,654.7
172,640.5
165,395.9
461,050.6
7,244.6
-7,244.6
8,714.4

21,138.8
374,514.6
222,704.5
213,463.2
587,977.8
9,241.3
-9,241.3
51,707.2

20,879.5
398,181.2
276,074.5
267,656.7
665,838.0
8,417.8
-8,417.8
-20,560.1

134,600.0
683,600.0
148,700.0
143,800.0
827,400.0
4,900.0
-4,900.0
2,800.0
37,300.0

490,858.3
819,395.8
559,571.3
562,571.7
1,381,967.5
-3,000.4
3,000.4
2,946.8
6,170.7

336,871.7
704,610.0
364,755.2
363,003.7
1,067,613.7
1,751.6
-1,751.6
6,076.2
38,453.4

408,522.3
841,750.0
538,757.2
536,600.0
1,378,350.0
2,157.2
-2,157.2
3,900.0
4,100.0

404,196.7
1,179,400.0
424,359.2
421,800.0
1,601,200.0
2,559.2
-2,600.0
6,300.0
26,300.0

397,031.1
1,342,380.3
301,923.6
304,371.4
1,646,751.7
-2,447.9
2,447.9
4,221.0
25,111.8

-15,213.1

-15,958.9

-58,283.7

12,142.3

-45,000.0

-6,117.1

-46,281.2

-10,157.2

-35,200.0

-26,885.0

Table B3.2 Local Governments Total Outstanding Debts1

State

No of LGs

2007

2008

2009

2010

2011

2012

Abia

17

152,129,881

55,761,371

2,718,425,225

223,765,473

524,978,258.00

146,707,830.00

Adamawa

21

1,571,624,000

64,406,475

1,567,951,672

393,317,121

885,378,828.14

4,093,284,511.61

Akwa Ibom

31

24,200,000

12,399,019

303,443,019

106,920,148

46,258,108.19

54,300,000.00

Anambra

21

1,441,285,571

21,691,436.08

410,700,000

77,265,300

207,792,481.54

2,346,333,295.25

1,348,314,695

78,164,179.70

1,567,668,889

260,378,243

796,944,358.96

764,477,090.85

149,910,000

3,296,457.30

103,210,000

6,000,000

58,513,478.63

718,394,179.09

Bauchi

20

Bayelsa

Benue

23

1,044,821,587

28,811,426.44

1,113,323,433

405,938,361

2,551,440,459.40

7,239,906,721.56

833,942,153

3,985,728.76

9,053,555,598

66,420,161

8,756,022,539.41

171,926,674.07

Borno

27

Cross River

18

638,301,558

35,049,974.94

608,340,443

301,979,939

281,490,457.85

2,128,955,874.28

Delta

25

1,557,724,239

80,836,144.41

2,987,528,851

615,775,574

3,865,651,248.91

1,809,585,325.28

Ebonyi

13

22,644,251

9,737,394.29

707,936,758

30,787,148

228,875,330.00

246,236,155.00

Edo

18

292,408,591

50,450,176.42

1,352,235,077

1,093,395,222

1,186,581,151.79

3,417,659,162.26

Ekiti

16

492,950,990

1,665,619,335.93

16,580,503,425

279,897,045

1,450,159,306.14

768,806,123.77

Enugu

17

598,457,160

24,996,056.08

1,240,210,037

777,130,000

752,621,607.00

532,176,537.00

Gombe

11

90,277,351

15,897,517.91

1,100,208,458

Imo

27

281,331,303

30,423,237.18

1,111,143,407

317,806,859.00

820,174,944.16

198,267,497

789,969,547.49

3,041,591,085.82

Jigawa

27

436,996,625

4,983,437.07

458,043,522

75,599,868

163,318,033.16

183,942,356.00

Kaduna

23

245,541,100

43,889,536.32

880,839,119

385,525,144

724,894,430.33

1,999,831,093.23

2,380,799,295

95,759,560.12

1,920,567,701

924,262,194

1,403,325,857.81

554,276,582.48

Kano

44

Katsina

34

27,614,418

10,446,980.39

163,061,123

74,965,835

1,283,711,881.77

695,944,147.82

Kebbi

21

235,249,182

30,035,941.24

3,483,128,601

38,253,807

4,575,273,749.31

2,616,036,724.88

Kogi

21

819,025,597

19,270,311.18

2,210,404,937

925,106,169

3,356,371,632.65

2,823,775,548.65

Kwara

16

1,193,574,574

16,403,036.47

839,451,569

156,020,455

300,006,824.01

3,247,829,457.47

Lagos

20

257,096,571

16,568,802.78

1,380,330,860

1,352,217,914

3,905,768,424.94

3,106,290,721.75

Nassarawa

13

819,594,857

9,734,883.93

942,549,170

218,223,768

1,249,251,448.34

938,710,387.72

Niger

25

377,575,960

7,200,418.43

304,445,327

9,320,000

881,937,121.00

111,551,072.03

Ogun

20

15,178,834.45

496,789,675

117,612,523

1,405,564,465.60

1,062,801,851.05

Ondo

18

427,201,291

23,136,872.23

460,654,811

167,651,151

265,155,849.41

110,411,399.25

Osun

30

75,710,261

977,858.32

405,601,664

173,823,720

281,413,277.61

109,292,930.21

Oyo

33

557,656,130

198,752,494.42

217,646,968

15,716,456

52,064,336.66

193,009,431.05

Plateau

17

1,026,388,201

24,401,018.57

2,549,257,156

1,476,645,582

2,848,482,634.82

2,849,161,418.33

Rivers

23

1,303,877,991

4,782,187.52

542,878,273

34,608,645

481,448,501.41

1,801,813,125.00

Sokoto

23

277,926,360

33,520,653.32

886,908,325

280,017,779

1,417,924,291.94

577,950,650.55

Taraba

16

3,196,446,950

59,338,386.03

1,330,578,132

183,959,490

1,620,250,936.56

2,387,128,368.01

Yobe

17

42,802,020

56,266,327.90

71,751,044

5,505,275

1,095,260,907.92

16,000,000.00

Zamfara

14

581,733,966.82

14,597,687.89

232,172,722.97

104,363,935.50

1,011,816,527.82

878,181,129.35

Fct

540,641,890.75

39,354,542.97

1,442,471,340.89

1,256,569,327.83

1,426,306,189.45

2,804,236,014.54

Total

774

25,363,776,568.66
Source: Central Bank of Nigeria Annual Survey
Note: 1Provisional

2,906,125,702.75

63,745,916,331.89

12,813,206,271.17

52,450,031,342.97

57,368,689,919.37