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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 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
10.5087000
Oil Revenue
8.5643999999999991
7.8148999999999997
7.25300000
Non- Oil
Revenue
4.7261000000000006
3.6188000000000002
3.2557
Federation
Account
10.182799999999999
9.8849
9.79860000
Fed Govt
Retained
Revenue
7.5116000000000005
5.8191000000000006
6.27200000
Total
Expenditure
11.4137
11.923200000000001
9.63649999
Recurrent
Expenditure1
4.8467000000000002
5.5060000000000002
4.75079999
Capital
Expenditure2
6.5670000000000002
6.4172000000000002
4.88569999
Current
Surplus(+)/
Deficit(-)
2.6649000000000003
0.31310000000000004 1.52120000
% of GDP
1.8400045956961195
0.20202816663665171 0.93325262
Overall
Surplus(+)/
Deficit(-)
-3.9021000000000003 -6.1041000000000007 -3.3645
% of GDP
-2.6942406592614465 -3.9386781602260807 -2.06411283
Nominal
GDP
144.83116000000001
154.97839000000002
162.99981
Financing:
3.9021000000000003
6.1041000000000007
3.3645
Foreign (net) 0.46439999999999998 0.26350000000000001 1.1069
Domestic
(net)
4.2008000000000001
3.4020000000000001
7.05700000
Banking
System (net)
of which:
3.0179999999999998
3.9891999999999999
5.29630000
CBN
3.6240999999999999
2.9891999999999999
3.27119999
Deposit
Money Banks

Non Bank
Public
1.1827999999999999
0.4128
1.76070000
Privatization
Proceed

Other
Funds3
-0.7631
2.4386000000000001
-4.79939999
Sources:
Federal
Ministry of
Finance &
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, etc
Minus (-)
denotes
increase;
Plus (+)
denotes
decrease
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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. 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
13. Pensions
and gratuities

Contingencies/
subventions
8.7193002878428721E-3 9.905392820860141E-3
8.546
15. Other/
Other CFR
charges
2.2148732397844002
2.5161639998871204
2.171
TOTAL*
4.8467000000000002
5.5060000000000002
4.750
Sources:
Federal
Republic of
Nigeria Official
Gazettes and
the various
states' official
Gazettes
Note:
*Excludes
interest
payments on
debt service,
other transfers
and extrabudgetary
items
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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


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 0
4.8943999999

15.476000000000001 0
6.4131

16.975999999999999 0
6.6541000000

16.975999999999999 0
6.6547000000

25.225999999999999 0
6.6541000000

35.475999999999999 0
6.7946

24.126000000000001 0
6.9446000000

25.475999999999999 0
34.214599999

57.763100000000001 0
34.214599999

119.75280000000001 0
35.241399999

116.38069999999999 0
36.584300000

170.92589999999998 0
37.342699999

276.90520000000004 0
23.596299999

179.62799999999999 0

364.52350000000001 0

378.5301

361.75840000000005 0

465.53570000000002 0

584.53579999999999 0

733.76250000000005 0

825.05449999999996 72.56

871.577
72.56

854.82839999999999 250.83

643.94090000000006 0

574.92942999999991 1186.1600000000001 0

471.92942800000003 1445.5995819999998 0

797.48244599999998 1974.9265700000001 0

1277.101559
2901.6003289999999 0

1727.914364
3541.1988480000005 0

2122.9269570000001 4080.0488479999999 0

2581.550643
4222.0377099999996 0

2815.5237529999999 4792.2812210000002 0

2772.8670379999999 5808.140821

3277.2788310000001 7564.9374655920001 0

3579.7991379999999 8715.81

2735.96
9334.74

Sources:
Central Bank
of Nigeria
and Debt
Management
Office
Notes:
Issuance of
FGN Bonds
commenced
in 2003.
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


Source:
Central Bank
of Nigeria
and Debt
Management
Office
Note:
1Provisional
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Table B.1.6:
Nigeria's
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


Sources:
Central
Bank of
Nigeria and
Debt
Management
Office
Note: 1
Revised

Provisional
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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) Others

Recurrent
Expenditure
4.6109999999999998
4.7338999999999993
5.262100
Current
Surplus (+)/
Deficit (-)
0.26380000000000003 -0.1724
-0.932700
Capital
Expenditure
6.3798999999999992
5.9466000000000001
5.828800
Extrabudgetary
Expenditure6

Total
Expenditure
10.9909
10.6805
11.0909
Overall
Surplus (+)/
Deficit (-)
-6.1160999999999994 -6.1189999999999998
-6.761499
Financing
6.1161000000000003
6.1189999999999998
6.761499
(a) Internal
Loans2
0.55889999999999995 0.54679999999999995
-0.736999
(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: F.C.T.
finances are
included as
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
4Revised
5Provisional
6 Includes
contribution
to external
debt fund
and other
deductions at
source
"-" Indicates
"Not
Available"
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Table B.2.2:
Domestic
Debt of State
Governments
(₦' Million)
State

Abia
24202.240000000002 8663.7857495400003 31736.723709
Adamawa
25954.2
24284.06029361
15976.516325
Akwa-Ibom* 41253.910000000003 108889.39260956
125037.03760
Anambra
6403.32
14299.992428040001 3025.7970466
Bauchi
18345.73
18807.271224209999 16825.508391
Bayelsa
162822.65
222401.77013028
69513.133900
Benue
16631.14
24402.439512360001 24987.874907
Borno*
1684.56
24423.19727964
23943.15
Cross-River
90750.05
90872.909453460001 116061.63484
Delta
90843.57
83684.012083549998 102100.20124
Ebonyi
40239.94
28895.754999500001 13236.092949
Edo
39044.300000000003 62274.74267793
48190.150127
Ekiti
23667.51
39587.701580360001 22376.368393
Enugu
10887.17
17354.185792709999 12061.395495
Gombe
7170.42
30243.536993379999 27992.839304
Imo
25419.4
16700.726473350001 12633.534789
Jigawa
1590.54
2081.4256239400002 1612.2868072
Kaduna*
34771.71
22855.929138
9831.8448751
Kano*
5867.29
5867.2905419999997 32207.008565
Katsina**
2059.88
918.92588676000003 269.653436
Kebbi
7291.05
2716.0072
853.67819199
Kogi
34122.120000000003 14979.189827
7109.8738907
Kwara
25254.47
29776.55897849
22416.654388
Lagos*
157536.16
230432.88048176002 278867.06655
Nassarawa*
5336.06
7096.1404742599998 28848.544842
Niger
16975.509999999998 17802.495694000001 24731.746161
Ogun
30143.97
45726.563647169998 58381.996066
Ondo*
48369.86
36518.092218010002 30883.178135
Osun
5463.64
38600
41400
Oyo
4808.3900000000003 11726.21452172
19106.047344
Plateau
20908.12
24117.321248880002 52416.334018
Rivers*
83978.39
81459.189147149998 129549.64645
Sokoto
4902.05
2997.3095195199999 5739.5700553
Taraba*
17974.66
16701.017997040002 13883.978775
Yobe
2088.4
3991.2171091499999 1122.6351016
Zamfara
12968.38
15508.107216320001 28217.646668
FCT*
85563.89
123992.77048351
84324.102643
TOTAL
1233294.6499999999 1551650.1262361603 1537471.4520
Source: Debt
Management
Office
(DMO)
Note: *2018
Domestic
Debt Stock
figures for
Nine (9)
States: Akwa
Ibom, Borno,
Kaduna,
Kano, Lagos,
Nasarawa,
Ondo,
Rivers,
Taraba and
the FCT
were as at
September
30, 2018.
**2018
Domestic
Debt Stock
figure for
Katsina State
was as at
December
31, 2017,
while the

Domestic
Debt Stock
figures for
the
remaining
26 states
were as at
December
31, 2018.
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
24.412
(i) Federation
Account
18.316400000000002
17.321300000000001
17.875
(ii) State
Allocation
0.25309999999999999
0.46639999999999998
0.6253
(iii) Value
Added Tax

3.5581
(iv) Internally
Generated
Revenue
1.0355999999999999
1.2059000000000002
2.1108
(v) Grants &
Others3
0.26939999999999997
0.22950000000000001
0.2429
RECURRENT
EXPENDITURE
13.9665
14.8842
16.317
Current
Surplus(+)/
Deficit(-)
5.9080000000000004
4.3389000000000015
8.0954
CAPITAL
EXPENDITURE
5.5087999999999999
4.0829000000000004
6.1261
TOTAL
EXPENDITURE
19.475300000000001
18.967100000000002
22.443
Overall
Surplus(+)/
Deficit(-)
0.39920000000000072
0.25600000000000001
1.9693
FINANCING
-0.39920000000000072
-0.25600000000000001
-1.969
(a) Loans
3.9899999999999998E-2 7.1499999999999994E-2 5.0500
(b) Opening
Cash Balance
-
-
-
(c) Other
Funds4
-0.43910000000000071
-0.32749999999999635
-2.019
Source:
Central Bank
of Nigeria
Notes: Local
Government
Survey
commenced in

1Revised
2Provisional
4Include
NNPC refund
& additional
fund
4Positive (+)
sign connotes
decrease while
negative (-)
sign connotes
increase in
'Other Funds'.
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Table B3.2
Local
Governments'
Total
Outstanding
Debts1 (₦'
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
Table B.3.3:
Summary of
Federation
Account
Allocation
Committee
(FAAC) to
All Tiers of
Government
(₦' Billion) .
. .
Continued
Item

Federal
Government
2416.5133477972809 3237.0419701632777 3451.75741573
State
Government
1538.6484128467118 1921.6077068501734 2084.68933381
Local
Government
1252.4154515119969 1459.354976587028
1583.01400207
13%
derivation
fund
548.54536890603833 765.30449912705296 774.263887026
Total
5756.1225810620281 7383.3091527275319 7893.72463865
Source:
Office of
the
Accountant
General of
the
Federation.