‘Nigeria’s external debt hits $9.4b’

 

Nigeria’s external debt stock profile stood at $9.4 billion on March 31, this year, the Debt Management Office (DMO), information posted on DMO said yesterday.

The figure showed a decrease of about $300 million  from the $9.7 billion that the country owed at December 31 last year.

According to information on DPR

website, the highest debt is owed the World Bank Group. International Development Association  $5.6billion and International Fund for Agricultural Development, $89.4million

It further stated that Nigeria owes African Development Bank (AfDB) $200 million and the African Development Fund (ADF), $513.7 million. The ADF debt was incurred through the AfDB Group.

Nigeria also owes Arab Bank Economic Development for Africa $4.4 million, while its debts to European Development Fund and Islamic Development Bank are $75.1 million and $19.6 million respectively.

The record also showed that the country’s indebtedness through bilateral agreement to Exim Bank of China and French Development Agency are $1.2 billion and $140.2 million respectively.

It further stated that Nigeria’s external debt stock through government’s issuance of Eurobond stood is $1.5 billion.

The Nation