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B.1.1 Summary of Federal Government Finances
B.1.2 Federal Government Recurrent Expenditure
B.1.3 Federal Government Capital Expenditure
B.1.4 Federal Government’s Domestic Debt Outstanding
B.1.5 Holdings of Federal Government’s Domestic Debt
Outstanding
B.1.6 Nigeria's Public External Debt Outstanding
B.2.1 Summary of State Governments' and Federal Capital
Territory Finances
B.2.2 Domestic Debt of State Governments
B.3.1 Summary of Local Governments' Finances
B.3.2 Local Governments' Total Outstanding Debts
B.3.3 Summary of Federation Account Allocation Committee
(FAAC) to All Tiers of Government
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Table B.1.1:
Summary of
Federal
Government
Finances (₦'
Billion)
Item

Total
Federally
Collected
Revenue
13.2905
11.4337
10.508700
Oil Revenue
8.5643999999999991
7.8148999999999997
7.2530000
Non- Oil
Revenue
4.7261000000000006
3.6188000000000002
3.2557
Federation
Account
10.182799999999999
9.8849
9.7986000
Fed Govt
Retained
Revenue
7.5116000000000005
5.8191000000000006
6.2720000
Total
Expenditure
11.4137
11.923200000000001
9.6364999
Recurrent
Expenditure1
4.8467000000000002
5.5060000000000002
4.7507999
Capital
Expenditure2
6.5670000000000002
6.4172000000000002
4.8856999
Transfers2
Current
Surplus(+)/
Deficit(-)
2.6649000000000003
0.31310000000000004 1.5212000
% of GDP
1.9129211028273327
0.21006202423212075 0.9582351
Overall
Surplus(+)/
Deficit(-)
-3.9020999999999999
-6.1041000000000007 -3.3645
% of GDP
-2.8010092068529913
-4.0953037435812458 -2.1193676
Nominal
GDP
139.31050245936586
149.05121529916386
158.75018
Financing:
3.9020000000000001
6.1040999999999999
3.3649999
Foreign (net) 0.46439999999999998
0.26350000000000001 -0.5259000
Domestic
(net)
3.4377
5.8406000000000002
3.8908999
Banking
System (net)
of which:
2.3441999999999998
2.9891999999999999
5.6162000
CBN
3.1873
2.9891999999999999
3.3250000
Deposit
Money Banks
-0.84310000000000007 0
2.2911999
Non Bank
Public
1.1827999999999999
0.4128
1.7606999
Privatization
Proceed
Other
Funds3
-8.929999999999999E-2 2.4386000000000001
-3.4860000
Sources:
Federal
Ministry of
Finance,
Office of the
Accountant
General of
the
Federation &
Central Bank
of Nigeria
Notes:
1Includes
interest
payments on
debt service,
other
transfers and
extrabudgetary
items
2Includes
capital
repayments
on debt
service,
other
transfers and
net lending
3Includes
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
4Provisional
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Table B.1.2:
Federal
Government
Recurrent
Expenditure (₦'
Billion)
Function

Administration 0.9149110502031832
1.0393670419911953
0.896
1. General
Administration
0.9149110502031832
1.0393670419911953
0.896
2. Defence
3. Internal
Security
4. National
Assembly
Social and
Community
Services
0.29474654306355119
0.3348411220228017
0.288
5. Education
0.16542735212777968
0.1879305508522407
0.162
6. Health
8.4457536121458399E-2 9.594635399029236E-2
8.278
7. Other Social
and
Community
Services
4.4861654814313125E-2 5.0964217180268653E-2 4.397
Economic
Services
0.17565115913195614
0.19954510949317078
0.172
8. Agriculture
1.3027660430071114E-2 1.4799822214696919E-2 1.276
9. Road &
Construction
9.6664556524438408E-2 0.10981390393949655
9.475
10. Transport &
Communication
3.2415281070098202E-2 3.6824754486962409E-2 3.177
11. Other
Economic
Services
3.3543661107348459E-2 3.81066288520149E-2
3.287
Transfers
3.4613912476013091
3.9322467264928322
3.392
12. Public Debt
Servicing
1.0274071205835871
1.1671660317191557
1.007
Domestic
Foreign
13. Pensions
and Gratuities
0.21039158694547916
0.2390113020656959
0.206
14. FCT/Other/
Other CFR
Charges

Contingencies/
Subventions
(Others)
8.7193002878428721E-3 9.905392820860141E-3
8.546
TOTAL*
4.8467000000000002
5.5060000000000002
4.750
Sources:
Federal
Republic of
Nigeria Official
Gazettes,
various states'
official
Gazettes,
Federal
Ministry of
Finance, Office
of the
Accountant
General of the
Federation and
Central Bank of
Nigeria.
Note:
*Excludes
interest
payments on
debt service,
other transfers
and extrabudgetary
items between
1981 - 2008.
1Provisional
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Table B.1.3:
Federal
Government
Capital
Expenditure
(₦' Billion)
Admin-
% of
Economic
Year
istration
Total
Services

0.72010000000000007 10.96543322673976
3.6294

0.38539999999999996 6.0057345882939597 2.5425

1.0982000000000001
22.477843502466381 2.2906999999

0.26269999999999999 6.4071608009560732 0.6562999999

0.45960000000000001 8.4103427452559156 0.8927000000

0.26480000000000004 3.105502650466764
1.0999000000

1.8162
28.500588466065125 2.1597

1.8985999999999998
22.764715051378285 2.1286999999

2.6175000000000002
17.410420311159296 3.9263000000

2.9199000000000002
12.141663132157381 3.4857

3.3450000000000002
11.8027303296649
3.145

5.1185
12.872422560501768 2.3367

8.0816999999999997
14.82831759685001
18.3447

8.7850999999999999
12.387634785379795 27.102799999

13.3378
11.010390603137074 43.1492

14.8636
6.9806313264260913 117.82910000

49.548999999999999
18.375185470738735 169.6131

35.270400000000002
11.413792701727681 200.86189999

42.737199999999994
8.5812914786248786 323.58080000

53.279499999999999
22.250699412697966 111.5086

49.254899999999999
11.227557092431784 259.75779999

73.577399999999997
22.894341587058982 215.33339999

87.9589
36.393528358633823 97.982100000

137.76585
39.221594306049816 167.7218

171.57413523020003
33.028689862783224 265.03467288

185.22425081580002
33.53168217137371
262.20729257

226.97440434701599
29.893325505454392 358.37564660

287.10358507800368
29.878920084409621 504.28687361

291.66000000000003
25.300215606136906 506.01

260.2
29.438568484552945 412.2

231.8
25.235455619183693 386.4

190.5
21.778895621355893 320.90000000

283.649369734
25.59119899038464
505.76500111

229.63218863011147
29.322756237011099 393.44500000

226.80583965419453
27.714933147041769 348.74691777

147.72082488988198
22.600794188862452 278.94893610

328.93554056706387
26.478032656231992 542.19242479

446.24621458133106
26.52912905728682
753.49254302


Sources:
Federal
Ministry of
Finance,
Office of
the
AccountantGeneral of
the
Federation
Note: 1
Provisional
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Table B.1.4:
Federal
Government's
Domestic
Debt
Outstanding
(₦' Billion)
Year
Treasury Bills
FGN Bonds
Treasury Certi

5.782
2.0575999999

9.782
1.6685999999

13.476000000000001
4.8943999999

15.476000000000001
6.4131

16.975999999999999
6.6541000000

16.975999999999999
6.6547000000

25.225999999999999
6.6541000000

35.475999999999999
6.7946

24.126000000000001
6.9446000000

25.475999999999999
34.214599999

57.763100000000001
34.214599999

119.75280000000001
35.241399999

116.38069999999999
36.584300000

170.92589999999998
37.342699999

276.90520000000004
23.596299999

179.62799999999999

364.52350000000001

378.5301

361.75840000000005

465.53570000000002

584.53579999999999

733.76250000000005

825.05449999999996 72.56

871.577
72.56

854.82839999999999 250.83

643.94090000000006

574.92942999999991 1186.1600000000001

471.92942800000003 1445.5995819999998

797.48244599999998 1974.9265700000001

1277.101559
2901.6003289999999

1727.914364
3541.1988480000005

2122.9269570000001 4080.0488479999999

2581.550643
4222.0377099999996

2815.5237529999999 4792.2812210000002

2772.8670379999999 5808.140821

3277.2788310000001 7564.9374655920001

3579.7991379999999 8715.81

2735.9675379999999 9334.7379825919998

2651.5140419999998 10524.157315592

2720.4364930000002 11830.260673592

3786.137291
13963.219813592001
Sources:
Central Bank
of Nigeria
and Debt
Management
Office
Notes:
Issuance of
FGN Bonds
commenced
in 2003.
Development
Stocks were
fully paid by
end-2010.
FGN Savings
Bond, FGN
Sukuk and
FGN Green
Bond were
introduced in
March,
September
and
December of
2017,
respectively.
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Table B1.5:
Holdings of
Federal
Government's
Domestic
Debt
Outstanding
(₦' Billion)
Year
CBN
Deposit Money Banks Sinking Fund

4.5236000000000001 1.8432999999999999 0

6.4888999999999992 2.9933000000000001 0

10.402200000000001 5.5259

9.5317000000000007 9.6201000000000008 0

9.9055
11.3888

16.103300000000001 4.5701999999999998 0

17.646900000000002 7.8581000000000003 0

26.635999999999999 7.4775000000000009 0

15.6477
3.6985999999999999 0

27.380800000000001 9.0644999999999989 0

62.2943
7.4865000000000004 0

138.7696
6.2284000000000006 0

202.43470000000002 38.879400000000004 0

308.44081349960999 47.272100000000002 0

414.28593392920999 22.2956

312.80426257656995 56.065200000000004 0

403.30154926672003 45.100099999999998 0

454.91050820316997 57.675000000000004 0

530.42082642499997 201.49080000000001 0

498.92
344.89

569.51
386.45

519.77080000000001 460.22949999999997 0

613.79
500.43

403.46170000000001 669.0702

408.42093999999997 726.22663999999997 0

335.53469999999999 882.85094000000004 0

293.5838
1410.04251

289.37
1482.16

323.18
1274.58
284.72000000

343.14
2605.0100000000002 144.37

348.84
3790.9
146.49

398.26827514500002 3580.42
160.31887

468.86
3293.83
158.59

180.21
3982.72
176.77

877.3
3284.01
162.19999999

1688.2
3736.02
140.44999999

1703.8
5351.8
118.4

2032.2812205919997 5040.808524
108.43521

1899.4498295778881 5571.8836036486109 96.713140999

2564.7079941821708 7090.898588115615
100.988

2421.4199443701641 9687.4910930543065 61.696442000
Source:
Central Bank
of Nigeria
and Debt
Management
Office
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Table B.1.6:
Nigeria's
Public
External
Debt
Outstanding
(₦' Billion)
Years
Multilateral
Paris Club
London

0.17959999999999998 1.9759

0.53039999999999998 5.4743999999999993 1.9817

0.56640000000000001 6.0022000000000002 2.7588000000

1.2712000000000001
6.3603999999999994 5.4436999999

1.2935000000000001
7.7263999999999999 6.1642999999

4.6707000000000001
21.725300000000001 8.4447000000

8.7814999999999994
63.205599999999997 6.7664999999

9.9917999999999996
75.445300000000003 14.9861

21.473599999999998
121.2296
42.84

34.606300000000005
154.5506
53.431800000

39.458300000000001
173.05120000000002 58.238099999

89.274299999999997
324.72990000000004 41.890599999

81.456299999999999
400.3809
45.323800000

97.056600000000003
404.21259999999995 45.367899999

97.042000000000002
476.7312
44.99

102.63
420.00200000000001 44.945999999

96.198999999999998
417.56880000000001 44.945999999

93.213999999999999
458.25779999999997 44.945999999

361.19490000000002
1885.6648
187.62710000

379.04300000000001
2320.2689999999998 223.83260000

313.50470000000001
2475.5093999999999 228.95020000

375.70009999999996
3220.8235
182.96449999

413.8777
3737.2799
196.15690000

384.24869999999999
4196.8445999999994 196.15549999

330.65440000000001
2028.5801000000001 189.76839999

332.2192

374.30347389999997

464.55784560000006

524.20460580000008

635.44772160000002

723.12296839999999

828.72161529999994

986.83795199999986

1142.3

1489.4064633

2436.4040499999996

3133.8806400000003

3381.40238

4127.28388

6832.7168399999991

7704.8570787550434
Sources:
Central
Bank of
Nigeria and
Debt
Management
Office
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Table B.2.1:
Summary of
State
Governments'
and Federal
Capital
Territory
Finances (₦'
Billion)

Total
Revenue
4.8748000000000005
4.5614999999999997
4.329399
(i) Federation
Account1
3.8256000000000001
3.2456999999999998
2.958499
(ii) Value
Added Tax
-
-
-
(iii) Internal
Revenue
0.1426
7.4900000000000008E-2 3.799999
(iv) Grants
0.90660000000000007 1.2409000000000001
1.332900
(v)
Stabilization
Funds
Receipts
-
-
-
(vi) Share of
Excess Oil
Revenue
(vii)
Exchange
Gain/NNPC
Refund/
SURE_P
(viii) Budget
Augmentation
(ix) Others*

Recurrent
Expenditure
4.6109999999999998
4.7338999999999993
5.262100
Current
Surplus (+)/
Deficit (-)
0.26380000000000003 -0.1724
-0.93270
Capital
Expenditure
6.3798999999999992
5.9466000000000001
5.828800
Extrabudgetary
Expenditure4

Total
Expenditure
10.9909
10.6805
11.0909
Overall
Surplus (+)/
Deficit (-)
-6.1160999999999994 -6.1189999999999998
-6.76149
Financing
6.1161000000000003
6.1189999999999998
6.761499
(a) Internal
Loans2
0.55889999999999995 0.54679999999999995
-0.73699
(b) External
Loans
1.1674
1.3311999999999999
1.6528
(c) Opening
Cash Balance
-
-
-
(d) Other
Funds3
4.3898000000000001
4.2409999999999997
5.845699
Sources:
Central Bank
of Nigeria,
Offices of the
Accountant
General of
the States and
Federal
Capital
Territory
(FCT).
Note: FCT
finances are
included from
1990.
1Statutory
Allocations
(Gross)
2Internal
Loans include
Capital
Receipts for
1986-1989.
3Positive (+)
sign connotes
decrease
while
negative (-)
sign connotes
increase in
Other Funds.
4 Includes
contribution
to external
debt fund and
other
deductions at
source.
5Provisional
* Others here
includes
excess non-oil
revenue
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Table B.2.2:
Domestic
Debt of State
Governments
(₦' Billion)
State

Abia
24.202240000000003 8.6637857495400006
31.73672370
Adamawa
25.9542
24.284060293610001
15.97651632
Akwa-Ibom
41.253910000000005 108.88939260956001
125.0370376
Anambra
6.4033199999999999 14.299992428040001
3.025797046
Bauchi
18.34573
18.807271224209998
16.82550839
Bayelsa
162.82264999999998 222.40177013028
69.51313390
Benue
16.631139999999998 24.402439512360001
24.98787490
Borno
1.6845599999999998 24.42319727964
23.94315000
Cross-River
90.750050000000002 90.872909453459997
116.0616348
Delta
90.843570000000014 83.684012083550002
102.1002012
Ebonyi
40.239940000000004 28.895754999499999
13.23609294
Edo
39.0443
62.27474267793
48.19015012
Ekiti
23.66751
39.587701580359997
22.37636839
Enugu
10.887169999999999 17.354185792709998
12.06139549
Gombe
7.17042
30.243536993379998
27.99283930
Imo
25.419400000000003 16.700726473350002
12.63353478
Jigawa
1.5905400000000001 2.08142562394
1.612286807
Kaduna
34.771709999999999 22.855929138
9.831844875
Kano
5.8672899999999997 5.8672905420000001
32.20700856
Katsina
2.0598800000000002 0.91892588675999998 0.269653436
Kebbi
7.2910500000000003 2.7160072
0.853678191
Kogi
34.122120000000002 14.979189827000001
7.109873890
Kwara
25.254470000000001 29.776558978490002
22.41665438
Lagos
157.53616
230.43288048176001
278.8670665
Nassarawa
5.3360600000000007 7.0961404742599994
28.84854484
Niger
16.97551
17.802495694000001
24.73174616
Ogun
30.143969999999999 45.726563647169996
58.38199606
Ondo
48.369860000000003 36.518092218010004
30.88317813
Osun
5.4636400000000007 38.6
41.4
Oyo
4.8083900000000002 11.726214521719999
19.10604734
Plateau
20.90812
24.117321248880003
52.41633401
Rivers
83.978390000000005 81.459189147149999
129.5496464
Sokoto
4.90205
2.9973095195199999
5.739570055
Taraba
17.97466
16.701017997040001
13.88397877
Yobe
2.0884
3.9912171091499999
1.122635101
Zamfara
12.96838
15.508107216320001
28.21764666
FCT
85.563890000000001 123.99277048351
84.32410264
TOTAL
1233.2946499999998 1551.6501262361596
1537.471452
Source: Debt
Management
Office
(DMO)
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Table B.3.1:
Summary of
Local
Governments'
Finances (₦'
Billion)

CURRENT
REVENUE
19.874500000000001
19.223100000000002
24.41
(i) Federation
Account3
18.316400000000002
17.321300000000001
17.87
(ii) State
Allocation
0.25309999999999999
0.46639999999999998
0.625
(iii) Value
Added Tax

3.558
(iv) Internally
Generated
Revenue
1.0355999999999999
1.2059000000000002
2.110
(v) Excess
Crude
(vi) Budget
Augumentation
& SURE-P
(vii) Exchange
Gain & Non Oil
Excess revenue
(vii) Grants &
Others4
0.26939999999999997
0.22950000000000001
0.242
RECURRENT
EXPENDITURE
13.9665
14.8842
16.31
Current
Surplus(+)/
Deficit(-)
5.9080000000000004
4.3389000000000015
8.095
CAPITAL
EXPENDITURE
5.5087999999999999
4.0829000000000004
6.126
TOTAL
EXPENDITURE
19.475300000000001
18.967100000000002
22.44
Overall
Surplus(+)/
Deficit(-)
0.39920000000000072
0.25600000000000001
1.969
FINANCING
-0.39920000000000072
-0.25600000000000001
-1.969
(a) Loans
3.9899999999999998E-2 7.1499999999999994E-2 5.050
(b) Opening
Cash Balance
(c) Other
Funds5
-0.43910000000000071
-0.32750000000000001
-2.019
Source: Central
Bank of
Nigeria
Notes: Local
Government
Survey
commenced in

1Revised
2Provisional
3Gross
statutory
allocation.
4Include
stabilization
fund, ecology,
NNPC refund
and additional
fund.
5Positive (+)
sign connotes
decrease while
negative (-)
sign connotes
increase in
'Other Funds'.
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Table B3.2
Local
Governments'
Total
Outstanding
Debts (₦'
Million)
State
No
of
LGs

Abia

152.12988054000002 55.761371349685717
2718.42
Adamawa

1571.624
64.406475125364381
1567.95
Akwa Ibom

24.2
12.399019283784234
303.443
Anambra

1441.2855709999999 21.69143608241837
410.7
Bauchi

1348.3146954900001 78.164179697969942
1567.66
Bayelsa

149.91
3.2964573016185619
103.21
Benue

1044.8215867599999 28.811426437935424
1113.32
Borno

833.94215296000004 3.9857287604217921
9053.55
Cross River

638.30155790999981 35.049974937046393
608.340
Delta

1557.7242385100001 80.836144407208195
2987.52
Ebonyi

22.644250849999999 9.7373942876690602
707.936
Edo

292.40859136
50.450176421426249
1352.23
Ekiti

492.95098999999999 1665.6193359326885
16580.5
Enugu

598.45716000000004 24.996056081544516
1240.21
Gombe

90.277350589999983 15.897517909805906
1100.20
Imo

281.33130299999999 30.423237177467414
1111.14
Jigawa

436.99662503000002 4.9834370705266666
458.043
Kaduna

245.5411
43.889536318227258
880.839
Kano

2380.7992953600001 95.759560120738101
1920.56
Katsina

27.614417920000001 10.446980387684397
163.061
Kebbi

235.24918199999999 30.035941241398703
3483.12
Kogi

819.02559697000004 19.270311182367237
2210.40
Kwara

1193.5745735800001 16.403036467884942
839.451
Lagos

257.09657098000002 16.568802782770746
1380.33
Nassarawa

819.59485672000005 9.7348839342366649
942.549
Niger

377.57595952000003 7.2004184252301364
304.445
Ogun

15.178834452753295
496.789
Ondo

427.20129125
23.13687222690633
460.654
Osun

75.710261220000007 0.97785831807278956 405.601
Oyo

557.65612999999996 198.75249442217597
217.646
Plateau

1026.3882009199999 24.401018568936994
2549.25
Rivers

1303.8779906500001 4.7821875225900952
542.878
Sokoto

277.92635999999999 33.520653316295565
886.908
Taraba

3196.44695
59.338386033132878
1330.57
Yobe

42.802019999999999 56.266327897133394
71.7510
Zamfara

581.73396681999998 14.597687894868024
232.172
Fct

540.64189075000002 39.354542969716711
1442.47
Total
774 25363.77656866
2906.1257027477009
63745.9
Source:
Central Bank
of Nigeria
Annual
Survey
Note:
1Provisional
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Table B.3.3:
Summary of
Federation
Account
Allocation
Committee
(FAAC) to
All Tiers of
Government
(₦' Billion)
Item

Federal
Government
723.92037751107898 842.50765779987887 948.414343906
State
Government
404.61105918948607 442.05902244477642 489.163916208
Local
Government
324.23228231586768 360.23384932131518 396.799689065
13%
derivation
fund
91.197402922051282 92.101164488288674 138.326445554
Total
1543.961121938484
1736.9016940542592 1972.70439473
Item

Federal
Government
3237.0419701632777 3451.7574157392678 3711.74824339
State
Government
1921.6077068501734 2084.6893338155205 2251.33650267
Local
Government
1459.354976587028
1583.0140020705821 1708.58144127
13%
derivation
fund
765.30449912705296 774.26388702694339 844.281698491
Total
7383.3091527275319 7893.7246386523148 8515.94788583
Item

Federal
Government
3127.5556869291745
State
Government
2392.1220900046128
Local
Government
1776.7872393247003
13%
derivation
fund
454.57872486591191
Total
7751.0437411243993
Source:
Office of
the
Accountant
General of
the
Federation.