New Telegraph

December 10, 2023

Nigeria Owes China, France, World Bank, Others

The recent reports released by the Debt Management Office (DMO) on Friday revealed a breakdown of the amount Nigeria owes some nations and organizations around the world.

The document on Nigeria’s external debt stock as of June 30th, 2023 shows that the outstanding debt owed to multilaterals amounts to N20.79 billion.

The amount includes the N14 billion owed to the World Bank and the N1.55 billion owed to the African Development Bank.

Similarly, the amount owed under the bilateral category totalled N5.5 billion and consists of the money owed to China, France, India, Germany and Japan.

Other categories include commercial, promissory notes, and syndicated notes.

Multilateral loans comprise the highest at 48.17% followed by commercial at 36.19%.

Bilateral comprised 12.79%, Promissory note took 2.16% and syndicated loan took 0.70%.

A press release by the Dept Management Office put the total that Nigeria’s Total Public Debt Stock as at June 30, 2023, was N87.38 Trillion or $113.42 billion.

This amount is made up of the total domestic and external debts of the Federal Government of Nigeria (FGN), the thirty-six (36) States, and the Federal Capital Territory.

It stated that the inclusion of the securitized N22.712 trillion Ways and Means Advances of the FGN was the biggest addition to the Public Debt Stock.


It noted that after receiving the necessary permissions, the FGN Ways and Means Advances were allowed to be securitized, allowing their inclusion in the Total Public Debt Stock.

New Telegraph had earlier reported that the federal government paid $1.17 billion to service foreign debt commitments in the first half of 2023 according to the Export and International Payment data released by the Central Bank of Nigeria (CBN).

The Debt Management Office (DMO) has revealed that Nigeria’s total external debt increased from N49.8 trillion to N87.379 as of June 30, 2023.

The DMO disclosed this in a statement on its website.

The statement revealed that the total public debt containing Nigeria’s external and domestic debts, including the 36 states and Abuja, amounted to N87.739 trillion.

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