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2015 Annual Report and Statement of Accounts 2015 Annual Report and Statement of Accounts 2015 ANNUAL REPORT AND STATEMETNT OF ACCOUNTS His Excellency MUHAMMADU BUHARI, GCFR President, Commander-in-Chief of the Armed Forces Federal Republic of Nigeria iii 2015 ANNUAL REPORT AND STATEMETNT OF ACCOUNTS His Excellency PROF. YEMI OSINBAJO, SAN, GCON Vice President Federal Republic of Nigeria v 2015 ANNUAL REPORT AND STATEMETNT OF ACCOUNTS MRS. KEMI ADEOSUN Honourable Minister of Finance Federal Republic of Nigeria vii 2015 ANNUAL REPORT AND STATEMETNT OF ACCOUNTS DMO SUPERVISORY BOARD PROF. YEMI OSINBAJO, SAN, GCON Vice President, Federal Republic of Nigeria CHAIRMAN Mrs. Kemi Adeosun Alhaji Abubakar Malami, SAN Mr. Godwin I. Emefiele Honourable Minister of Finance Attorney-General of the Federation Governor, Central Bank of Nigeria VICE-CHAIRMAN & Hon. Minister of Justice MEMBER MEMBER Alh. Ahmed Idris, FCNA Dr. Abraham Nwankwo Accountant-General of the Federation Director-General, DMO MEMBER MEMBER & SECRETARY ix 2015 ANNUAL REPORT AND STATEMETNT OF ACCOUNTS DMO MANAGEMENT TEAM Dr. Abraham Nwankwo Director-General Ms. Patience Oniha Mrs. Asma’u Mohammed Mr. Miji Amidu Mrs. Hannatu Suleiman Director, Market Development Director, Strategic Programmes Director, Special Assignments Director, Debt Recording & Settlement Department Department Department Mr. Joe Ugoala Mr. Atiku S. Dambatta Mr. Afolabi Oladele Head, Policy, Strategy & Risk Head, Organisational Resourcing Head, Portfolio Management Management Department Department Department xi 2015 ANNUAL REPORT AND STATEMETNT OF ACCOUNTS MANAGEMENT STAFF OF THE DMO S/N NAME RANK DEPARTMENT/UNIT 1. Nwankwo, Abraham E. (Dr.) Director-General 2. Oniha, Patience (Ms.) Director Market Development Department (MDD) 3 Mohammed, Asma’u M. (Mrs.) Director Strategic Programmes Department (SPD) 4 Amidu, Miji (Mr.) Director Special Assignments 5 Suleiman-Onuja, Hannatu (Mrs.) Director Debt Recording & Settlement Department (DRSD) 6 Dinneya, Godson (Dr.) Deputy Director Leave of Absence 7 Ugoala, Joe Chiadi (Mr.) Deputy Director Head, Policy, Strategy and Risk Management Department (PSRMD) 8 Jiya, Janet O. (Mrs.) Deputy Director On Secondment 9 Saleh, Atiku Dambatta (Mr.) Deputy Director Head, Organisational Resourcing Department (ORD) 10 Amadi, Johnson O. (Mr.) Deputy Director Team Leader, Market Research and Product Development Unit (MDD) 11 Afolabi, O. Oladele (Mr.) Deputy Director Head, Portfolio Management Department (PMD) 12 Mahmoud, Nasir M. (Mr.) Assistant Director Team Leader, Institutions and Skill Development Unit (SPD) 13 Eleri, Nicholas (Dr.) Assistant Director Team Leader, Sub-National Debt Unit (DRSD) 14 Ekpenyong, Elizabeth E. (Ms.) Assistant Director Team Leader, Task Compliance & Operational Risk Management Unit (PSRMD) 15 Ekpokoba, Ikem H. (Mr.) Assistant Director Team Leader, Human Resources Unit (ORD) 16 Anukposi, Alfred N. (Mr.) Assistant Director Team Leader, Securities Issuance Unit (PMD) 17 Nwankwo, Maraizu (Mr.) Assistant Director Team Leader, Statistics, Analysis & Risk Management Unit (PSRMD) 18 Kwaghbulah, Elizabeth M. (Mrs.) Assistant Director Team Leader, External Debt and Special Accounts Unit (DRSD) 19 Aiyesimoju, Olaitan D. (Mr.) Assistant Director Team Leader, Internal Audit & Compliance Unit (DG’s Office) 20 Usiade, Monday I. (Mr.) Assistant Director Team Leader, Loans & Other Financing Products Unit (PMD) 21 Yusuff-Shelleng, S. (Mr.) Assistant Director Team Leader, Finance and Accounts Unit (ORD) 22 Abubakar, Sani Kulo (Mr.) Assistant Director Team Leader, Administration Unit (ORD) 23 Anyanwu, Francis N. (Mr.) Assistant Director Team Leader, Debt Management Training Unit (SPD) xiii 2015 ANNUAL REPORT AND STATEMETNT OF ACCOUNTS TABLE OF CONTENTS LIST OF TABLES ������������������������������������������������������������������������������������������������������������������������� xviii LIST OF FIGURES ......................................................................................................................... xx GLOSSARY ����������������������������������������������������������������������������������������������������������������������������������� xxi DEBT MANAGEMENT OFFICE ...................................................................................................... xxvi MANDATE OF THE DEBT MANAGEMENT OFFICE .......................................................................... i xxvi DIRECTOR-GENERAL’S STATEMENT ............................................................................................. xxix CHAPTER ONE ......................................................................................................................... 2 THE ECONOMIC ENVIRONMENT ������������������������������������������������������������������������������������������������������ 2 1.1 The Global Economy ����������������������������������������������������������������������������������������������� 2 1.2 The Nigerian Economy and Policy Environment in 2015 ............................................. 3 CHAPTER TWO ...................................................................................................................... 10 APPRAISAL OF DEBT MANAGEMENT STRATEGY ����������������������������������������������������������������������������� 10 2.1 Introduction ......................................................................................................... 10 2.2 External Debt Management Strategy ���������������������������������������������������������������������� 11 2.3 Domestic Debt Market Strategy ������������������������������������������������������������������������������ 11 2.4 New Initiatives and Developments in the FGN Bonds Market in 2015 ������������������������ 12 2.5 Sub-National Debt Management Strategy and Development ..................................... 12 CHAPTER THREE ������������������������������������������������������������������������������������������������������������������� 14 NIGERIA’S TOTAL PUBLIC DEBT ���������������������������������������������������������������������������������������������������� 14 3.1 Total Public Debt Outstanding ................................................................................ 14 3.2 FGN’s Total Public Debt Service ������������������������������������������������������������������������������ 17 CHAPTER FOUR .................................................................................................................... 22 NIGERIA’S EXTERNAL DEBT ���������������������������������������������������������������������������������������������������������� 22 4.1 External Debt Stock .............................................................................................. 22 4.2 Currency Composition of External Debt................................................................... 25 4.3 External Debt by Original and Remaining Maturities ������������������������������������������������� 26 4.4 Sectoral Allocation of External Debt ������������������������������������������������������������������������ 27 4.5 External Debt by Concessionality ���������������������������������������������������������������������������� 30 4.6 External Debt Flows ���������������������������������������������������������������������������������������������� 31 4.7 External Loans Borrowing Programme in 2015 �������������������������������������������������������� 37 xv 2015 ANNUAL REPORT AND STATEMETNT OF ACCOUNTS CHAPTER FIVE ���������������������������������������������������������������������������������������������������������������������� 40 NIGERIA’S DOMESTIC DEBT ��������������������������������������������������������������������������������������������������������� 40 5.1 FGN’s Domestic Debt Stock ������������������������������������������������������������������������������������ 40 5.2 Trend and Composition of FGN’s Domestic Debt Outstanding by Instruments ������������ 41 5.3 FGN’s Domestic Debt Stock by Category of Holders ������������������������������������������������ 42 5.4 FGN’s Domestic Debt by Residual Maturity �������������������������������������������������������������� 43 5.5 FGN’s Domestic Debt Service ��������������������������������������������������������������������������������� 44 5.6 FGN Bond Secondary Market Activities ������������������������������������������������������������������� 55 5.7 New Initiatives and Developments in the FGN Bonds Market in 2015 ������������������������ 57 5.8 Market-Wide Developments In 2015 ����������������������������������������������������������������������� 59 5.9 Consensus Building in the Domestic Bonds Market in Nigeria ................................... 61 5.10 Outlook for the Domestic Bonds Market in 2016 ...................................................... 61 5.11 The International Capital Market ��������������������������������������������������������������������������� 62 CHAPTER SIX ........................................................................................................................ 68 DEBT SUSTAINABILITY ANALYSIS ................................................................................................. 68 6.1 Introduction ......................................................................................................... 68 6.2 Baseline Scenario �������������������������������������������������������������������������������������������������� 69 6.3 Pessimistic Scenario (FGN-Only) ����������������������������������������������������������������������������� 74 6.4 Determination of the Borrowing Limit for 2016
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