Report
EUR 8.80 For Business Accounts Only

Good Morning Nigeria: No quick fix for states’ finances

​No quick fix for states’ finances

Commentary on the fiscal impact of the oil price crash tends to ignore the states and focus on the FGN. This may well be because the better and more recent data cover the federal government, or because state government finances are regularly under pressure. The latest report from the DMO shows states’ external debt at US$3.37bn at end-December (see chart), one third on the books of Lagos State and all guaranteed by the FGN. Their combined domestic debt was shown at N1.66trn (then US$8.95bn) at end-2014, since which time 23 states’ bank borrowings of N575bn have been converted into FGN long bonds. The outstanding value of states’ bond issues amounts to N456bn.

Provider
FBNQuest
FBNQuest

In today's rapidly changing financial environment, we believe our clients need a financial partner they can rely on to provide clear guidance, progressive thinking and innovative products. Our in-depth and qualitative research covers macroeconomics, fixed income and equities, offering timely market commentary and detailed analyses of the local economy, major sectors listed on the Nigerian Stock Exchange (NSE) and the Federal Government of Nigeria bond market. Our sound recommendations are based on a thorough and objective analysis of the relevant companies within the context of their respective industries, the local market and international peer set. Our research is well recognized and acclaimed for its value and integrity, as we provide existing and prospective investors access to reliable, independent, quality research to aid investment decision-making and strategy development.

Other Reports from FBNQuest

ResearchPool Subscriptions

Get the most out of your insights

Get in touch