Budget: DMO seeks n’assembly's due diligence as Nigeria's debt hits N41.6trn
Ms. Patience Oniha, DG, DMO

Nigeria’s indebtedness to World Bank Group alone is now N3.965 trillion, the Debt Management Office (DMO) has said.

The DMO disclosed that the amount is owed to the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), which are both organisations of the World Bank Group.

Analysis of the single multilateral or bilateral financial institution showed that Nigeria’s external debt stock as of June 30, 2020, were $10.05billion and $409.51 million, respectively.

Other organisations of the multilateral financial institution include the International Finance Corporation, the Multilateral Investment Guarantee Agency and the International Centre for Settlement of Investment Disputes.

The World Bank Group and the African Development Bank Group are two prominent multilateral institutions that lend to the nation.

Nigeria’s total indebtedness to the multilateral institutions during the period under review was put at $16.36billion, representing 51.97 per cent of the country’s total external debt stock.

DMO put the country’s indebtedness to the AfDB Group at $5.896billion.

Nigeria’s external debt to African Development Bank, Africa Growing Together Fund and African Development Fund are $1.325billion, $140,000, and $921.91 million, respectively.

Nigeria’s debt to other organisations of the AfDB Group such as the Arab Bank for Economic Development in Africa, the European Development Fund, Islamic Development Bank and International Fund for Agricultural Development was $5.88m, $52.52 million, $30.22 million and $201.68 million, respectively.

Further analysis of the country’s external debts showed that Nigeria’s total indebtedness to bilateral organisations, which in this case include foreign nations, was $3.948bn as of June 30.

This represents 12.54 per cent of the country’s entire $31.477billion external debt stock during the period under review.

For the bilateral organisations, the country’s indebtedness to China (Exim Bank of China) was $3.24billion, while its debt to France (Agence Francaise Development) was $403.65 million.

The country’s debt to Japan (Japan International Corporation Agency) was $76.69million, while Nigeria owes India (Exim Bank of India) $34.87million.

Nigeria also owe Germany $192.7million, which is still under Nigeria’s external debt stock as of June 30, the DMO put the country’s Eurobonds at $10.87billion, while its Diaspora Bond was $300million.

Eurobond and Diaspora Bond are commercial external debt stock and account for $11.168billion, representing 35.48 per cent of Nigeria’s external debt stock.
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