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- Data from the Debt Management Office (DMO) website shows that Nigeria’s foreign debt has is at over $42 billion
- For countries, DMO data further revealed that Nigeria has over $5 billion in debt to China and four other countries
- As expected, Nigeria owes more to China than the other countries, which includes France and Germany
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Debt Management Office has announced that Nigeria’s total external debt now stands at $42.49 billion as of December 2023.
This represents a 1.53% reduction, or $664.03 million, compared to the $43.15 billion Nigeria’s external debt was in June 2023 when President Bola Tinubu’s administration began.
Photo credit: mgkaya
Source: Getty Images
DMO stated this in its latest debt report published on its website and analysed by Legit.ng
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According to the DMO debt report, Nigeria’s external debt was borrowed from multiple external sources, including the World Bank, IMF, financial institutions, foreign investors, and countries.
The reduction in debt stock is thanks to commercial debt (Eurobond) redemption, as well as payments of debt owed to international institutions such as the International Monetary Fund and the International Development Association.
Breakdown of Nigeria’s external debt to countries
However for countries, which are known as bilateral debt, the Nigerian government debt increased to $5.95 billion from $5.51 billion as of June 2023.
Bilateral debt accounts for 14.02% of the total external debt as of December 2023.
Here is how much Nigeria owes countries as at December 2023
| Countries | June 2023 | December 2023 | changes under Tinubu |
| China | $4.72 billion | $5.16 billion | $440 million |
| France | $572.61 million | $580.13 million | $7.52 million |
| Japan | $57.18 million | $58.33 million | $1.15 million |
| India | $26.64 million | $25.94 million | $0.70 million |
| Germany | $135.26 million | $125.90 million | $9.36 million |
Nigeria’s debt to hit a new record
Legit.ng reported that the official data on Nigeria’s public debt profile reveals a notable surge, surpassing an eightfold increase in the last ten years.
This substantial growth becomes even more evident when considering the inclusion of the central bank loan recently authorised for securitisation by President Bola Tinubu.
Source: Legit.ng
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