Nigeria’s External Debt Hits $9.4 Billion

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As at the end of March, 2015, Nigeria’s external debt profile has hit $9.4 trillion. This was according to the figures released on Monday by the Debt Management Office (DMO), published on its website.

According to the release, the figure shows a decrease of about $300 million from the $9.7 trillion that the country had as its debt stock as at December 31, 2014.

A breakdown of figures showed that Nigeria’s largest debt is to the World Bank, with a debt of $5.6 trillion to the bank’s international development association and 89.4 million dollars to the international fund for agricultural development.

It further disclosed that Nigeria owed the African Development Bank (AfDB) $200 million and owe another $513.7 million to the African Development Fund (ADF), a subsidiary of the AfDB Group.

Similarly, Nigeria’s indebtedness to Arab Bank Economic Development for Africa stood at $4.4 million, while its debts to European Development Fund and Islamic Development Bank were $75.1 million and $19.6 million respectively.

The debt profile also shows that the country’s indebtedness through bilateral agreement to Exim Bank of China and French Development Agency were $1.2 trillion and $140.2 million.

It further said that Nigeria’s external debt stock through government’s issuance of Eurobond stood at a balance of $1.5 trillion.