Nigeria’s Foreign Debt Rises To $10.3bn

debt1

Nigeria’s external debt stock as at second quarter 2015 stood at about $10.3 billion, over 10 percent increase, against $9.5 billion recorded in the first quarter of the year.

A breakdown of the country’s foreign debt shows a significant rise in the indebtedness to multilateral institutions (World Bank and African Development Bank Groups) which stood at $7.23 billion from $6.54 billion in the first quarter while Bilateral debt stock (owed to countries and or their financial institutions) stood at $1.58 billion, up from $1.42 billion.

Money owed to the World Bank Group accounts for the bulk of the debt owed multilateral institutions, increasing from USD5.73 billion, while the African Development Bank Group was owed USD1.04 billion, up from USD810 million.

The external debt when further broken down shows that the bulk of Bilateral debt stock, N1.39 billion, was owed to Exim Bank of China while the balance of $194 million Bilateral debt was owed to France, Japan and Germany in aggregate.

According to the release, yesterday, by the Debt Management Office (DMO) of the Federal Government, domestic debt stock remmained unchanged at N8.39 trillion against N8.31 trillion in the first quarter.

 

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here