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Nigeria’s External Debt Hits $27.67 billion – DMO

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Nigeria’s external debt stock rallied to $27,676.14 billion as at December 31, 2019, according to data obtained from the Debt Management Office (DMO).

This indicated a growth of $734.64 million over the $26,941.50 billion posted as at September 30, 2019. It also emerged that more than N254 billion was expended in servicing domestic debt over a three-month period – October to December 2019.

A breakdown of the nation’s foreign debt for the review period shows that out of the over $27 billion debt, $12,660.38 are owed multilateral institutions.

These include the World Bank Group, comprising the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD) $9,692.32 and $409.51 million respectively.

Other multilateral institutions owed are the African Development Bank Group (AfDB) with a total debt of $2,558.55.
Bilateral debts, which totaled $3,847.41 billion during the period under review included those owed the Exim Bank of China–$3.175.12 billion; AFD of France–$361.75 million; JICAN (Japan)–$76.13 million, and Exim Bank of India–$32.14 million as well as Germany’s KFW–$202.27 million.

Commercial debt, which include Eurobonds and Diaspora bond, accounted for $11,168.35 billion of Nigeria’s total external debt stock.
While debt from Eurobonds stood at $10,868.35 billion during the period, Diaspora bond accounted for $300 million.

Nigeria’s total public debt stood at N26.215 trillion as at September 2019.

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