The Debt Management Office (DMO) has recently released the details of Nigeria’s debt to Multinational Agencies and government across the world as at June 2020.
In the DMO report, the World Bank Group top the list of Nigeria’s highest external debt stock to a multilateral or bilateral financial institution with a $10.46bn (N3.965tn at the official rate of N379/$) indebtedness to the group.
In a further breakdown of Nigeria’s debt stock to the World Bank Group, the country borrowings from International Development Association and the International Bank for Reconstruction and Development who are both part of the world bank group, were $10.05bn and $409.51m respectively.
The DMO put the Nigeria’s indebtedness to the African Development Bank (AfDB) Group at $5.896bn.
Which shows a breakdown as follows: African Development Bank, Africa Growing Together Fund and African Development Fund are $1.325bn, $140,000, and $921.91m respectively.
Other includes Arab Bank for Economic Development in Africa, European Development Fund, Islamic Development Bank and International Fund for Agricultural Development were $5.88m, $52.52m, $30.22m and $201.68m respectively.
Nigeria’s total indebtedness to the multilateral institutions as at end of June 2020 was put at $16.36bn, representing 51.97 per cent of the country’s total external debt stock.
The DMO release further shows that Nigeria’s total indebtedness to bilateral organisations, including foreign nations, was $3.948bn and it represents 12.54 per cent of the entire $31.477bn external debt stock as at end of June 2020
For the bilateral organisations, Nigeria indebtedness to China (Exim Bank of China) was $3.24bn, while its debt to France (Agence Francaise Development) was $403.65m.
The country’s debt to Japan (Japan International Corporation Agency) was $76.69m, while Nigeria owes India (Exim Bank of India) $34.87m and Germany $192.7m
The DMO put the Nigeria Eurobond and Diaspora Bond debt at $10.87bn and $300m respectively. Making a total of $11.168bn for commercial external debt. Representing 35.48 percent of the total external debt stock.