Nigeria’s external debt profile hit $31 billion

The Debt Management Office (DMO) says Nigeria’s external debt profile is now worth $31.98 billion in loans taken from the World Bank Group, International Monetary Fund (IMF), African Development Bank (AfDB) Group, and others as of September 2020.

This is contained in the September 30, 2020, debt stock report recently released by the DMO.

According to the report, Nigeria owes an outstanding $10.74 billion loan to be paid to the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD); organizations under the World Bank Group.

The document shows that Nigeria owes the IMF $3.45 billion and owes $2.24 billion to Africa Growing Together Fund and African Development Fund; entities of the AfDB Group.

See the full breakdown below:

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Multilateral category

1. International Monetary Fund – $3.454.23 billion

2. World Bank Group

a) International Development Association – $10.332.99 billion

b) International Bank for Reconstruction and Development – $409.74 million

3. African Development Bank Group

a) African Development Bank – $1.314.92 billion

b) Africa Growing Together Fund – $0.14 million

c) African Development Fund – $931.67 million

d) Arab Bank for Economic Development in Africa – $5.88 million

e) European Development Fund – $53.92 million

f) Islamic Development Bank – $30.66 million g)

International Fund For Agricultural Development – $207.66 million Sub-total (for multilateral category) – $16.741.82 billion (52.34% of the total debt) Bilateral category

1. China (Exim Bank of China) – $3.264.16 billion

2. France (Agence Francaise Development) – $502.38 million

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3. Japan (Japan International Cooperation Agency) – $78.20 million

4. India (Exim Bank of India) – $37.00 million

5. Germany (Kreditanstalt Fur Wiederaufbua) – $193.26 million Subt-total (for bilateral category) – $4.075.00 billion (12.74% of the total debt)

Commercial category

1. Eurobonds – $10.868.35 billion

2. Diaspora Bond – $300.00 million Sub-total (for the commercial category) – $11.168.35 billion (34.92% of the total debt)

GRAND TOTAL – $31.985.17 billion.

Fauziya Ibrahim

Fauziya is a graduate of Mass Communication from the University of Ilorin and likes to write on the latest trending news and geopolitics.

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