Nigeria's Total Debt Hits N88Trillion As New Year Approaches
4 months ago TRAVEL NEWS Lagos 562 views Reference: 286
Location: Lagos
Nigeria's total debt has increased slightly from N87.38 trillion in June to N87.91 trillion by the end of September 2023, as per a report from the Debt Management Office (DMO). The debt includes what the Federal Government, State Governments, and the Federal Capital Territory owe domestically and internationally.
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The DMO notes a decrease in external debt from $43.16 billion in June to $41.59 billion in September. The reduction is attributed to paying off a $500 million Eurobond and $413.855 million as the first principal repayment of a $3.4 billion loan obtained from the International Monetary Fund during the Covid-19 pandemic in 2020.
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The report emphasizes that the government's commitment to servicing these debts reflects its dedication to meeting financial obligations. However, it underscores the importance of President's initiatives for revenue generation to maintain Nigeria's overall fiscal balance.
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Analyzing the report, it reveals that Nigeria owes various international organizations and countries. Notable debts include $2.82 billion to the International Monetary Fund, $14.09 billion to the World Bank, and $4.810 billion to China's Exim Bank. Other creditors include the African Development Bank, European Development Fund, and countries like France, Japan, India, and Germany.
