Nigeria pays off debts to China, World Bank, and others; DMO provides balance

[Anonymous]

The Central Bank of Nigeria (CBN) released data showing the total amount spent on repaying foreign debt from January to September 2023. In these ten months, the country paid $3.07 billion, marking an increase of $850.42 million (38.31%) compared to the same period in 2022, where it paid $2.22 billion.

Breaking down the numbers, the government paid $112.35 million in January, $288.54 million in February, and $400.47 million in March for external debt servicing. Additionally, $92.85 million was spent in April, $221.05 million in May, $54.36 million in June, and $641.69 million in July. In August, $309.96 million was spent, followed by $439.06 million in September, and $509.73 million in October, as reported by New Telegraph.

Noteworthy lenders to the country include China, the World Bank, the African Development Bank, the Islamic Development Bank, Japan, France, and others.

More debt to be paid

As of September 30, the Debt Management Office (DMO) reported that the total public debt, which includes both external and internal debt, amounted to $114.35 billion or N87.91 trillion. Out of this, external debt accounted for $41.59 billion (36.38%), and domestic debt accounted for $72.76 billion (63.62%). Domestic debt comprises the Federal Government of Nigeria (FGN), the thirty-six (36) State Governments, and the Federal Capital Territory (FCT). The DMO used the Central Bank of Nigeria (CBN) Official Exchange Rate of US$1 to N768.76 as of September 30, 2023, for converting External Debt to Naira.

 

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