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Bullion

Keywords

Public debt, Debt stock, Debt management, Domestic Debt, Treasury Bonds, Treasury Bills.

Abstract

Since the early 1980s, Nigeria has taken steps to evolve external debt management strategies encompassing refinancing, restructuring, buyback, collateralisation and debt conversion arrangements as well as issuing external borrowing guidelines. Although the county's external debt problem remains severe, judging both by the absolute level of the debt stock and the unsustainable trend of the various debt servicing ratios, such as debt stock/GDP, debt stock/exports and debt service/export earnings, it is generally acknowledged that the Government had made concerted efforts to address the problem. However, the domestic debt has not been given the same attention, if any at all. the domestic debt question is in urgent need of a rigorous assessment to determine its size, components, structure, trends and implications, as well as evolving strategies for managing the problem. Therefore, the main body of this presentation is organised into five parts. The first part provides the conceptual framework while the second part gives an overview of Nigeria's Domestic Public Debt during the period, 1960 to 1995. The third part highlights some leading issues in Domestic Debt Management while the fourth part outlines the elements of a Domestic Debt Strategy for Nigeria. Part five provides the concluding statement.

Author Bio

The author is the Deputy Governor of the Central Bank of Nigeria.

Publication Title

CBN Bullion

Issue

2

Volume

20

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