- The DMO has released a breakdown of money Nigeria owes the World Bank, China, India and others
- The amount owed to multinationals gulped the highest on the list at 48.17%
- As of June 30, 2023, Nigeria’s Total Public Debt Stock was N87.38 trillion
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The document on Nigeria’s external debt stock as of June 30th, 2023 shows the outstanding debt owed to multilaterals amounts to N20.79 billion.
Breakdown of Nigeria’s external debt stock
The amount includes the N14 billion owed to the World Bank and the N1.55 billion owed to the African Development Bank.
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Similarly, the amount owed under the bilateral category totaled 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%.
See the full list here:
Nigeria’s debt hit $113.42 billion
A press release by the DMO earlier said Nigeria’s Total Public Debt Stock increased to N87.38 trillion or $113.42 billion as of June 30, 2023.
The figure comprises the total domestic and external debts of the Federal Government of Nigeria (FGN), the thirty-six (36) States, and the Federal Capital Territory.
The release stated that the inclusion of the securitised N22.712 trillion Ways and Means Advances of the FGN was the biggest addition to the Public Debt Stock.
Amid N87trn Debt Stock, Tinubu’s Government Fails to Service Chinese, Other Loans in 2023
The DMO had earlier detailed how Nigeria’s total external debt increased from N49.8 trillion as of June 30, 2023 according to a Legit.ng report.
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.