Nigeria’s Debt to China, World Bank, IMF Skyrockets

Nigeria’s external debt is now $42 billion as of June 2024. Data from the Debt Management Office (DMO) shows that the 36 states, including the Federal Capital Territory, account for 11% of the loans, at $4.89 billion, and the federal government’s debt is $38 billion.
The country’s multilateral debt is $17.13 billion, while bilateral debt, including those from China EXIM Bank, Jika, KWF, IsDB, and AFD, is $5.49 billion.
About $15.12 billion of the debts are commercial Eurobonds and diaspora bonds. Data shows that as of March 2024, Nigeria’s external debt stood at $42.12 billion, with Lagos state leading other states with $1.2 billion, while Kaduna comes next with $640.99 million. The state with the most external debt is Edo, with $380.97 million. However, the total domestic debt owed by the 36 states and FCT has hit N4.27 trillion, with Lagos state topping the chat with N885.99 billion. Rivers follows with N389.2 billion, while Delta is third with N304.54 billion.

source: legit.ng

EntekHub.com

All Author Posts