– A breakdown of Nigeria’s external debt by DMO shows the country is owing $31.98 billion as of September 2020

– More than half of the debt is owed multilateral institutions such as IMF, World Bank and AfDB

– Under the bilateral category, Nigeria owes five countries, namely, China, France, Japan, India and Germany

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The Debt Management Office, the government agency in charge of Nigeria’s debt profile, has released a breakdown of Nigeria’s external debt stock as at Wednesday, September 30, 2020

The document containing the breakdown which was accessed by Legit.ng on Tuesday, January 4, indicates that Nigeria’s total external debt stands at $31.98 billion.

The loans were obtained from international financial institutions such as World Bank Group, International Monetary Fund (IMF), African Development Bank (AfDB) Group and others.

Nigeria's economy: Full breakdown of current external debt worth $31.98bn

Nigeria’s current external debt stock has hit $31.98bn, DMO’s document reveals.
Photo credits: Facebook/Femi Adesina, www.dmo.gov.ng
Source: UGC

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

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)

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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.

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Meanwhile, Nigeria’s minister of finance, budget and national planning, Zainab Ahmed, has said the country will not apply for debt relief to get out of its debt burden.

The minister made the government’s position known on Tuesday, October 13, 2020, in Abuja during the public presentation of the 2021 Budget, adding that the Buhari administration was not considering such option at this time.

According to her, many loan agreements have been entered with various lenders, adding that asking for debt relief would portend Nigeria in the eyes of its creditors as a country that cannot repay its debts.

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