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Nigeria’s Foreign Debt Hits $15.4b as Domestic Debt Rises to $40.9b

By Dipo Olowookere

Data released yesterday by the Debt Management Office (DMO) showed that Nigeria’s external debt profile has increased to $15.35 billion.

This figure, according to the debt office, is what the Africa’s largest economy owes as at September 30, 2017.

This amount also reflects a marginal rise of 1.9 percent from $15.05 billion the foreign debt closed as at June 30, 2017.

A breakdown of the details as released by the DMO on Tuesday showed that Nigeria owes international financial institutions a total of $9.9 billion.

These bodies include World Bank, African Development Bank (AfDB) and others.

Also, the country has $2.2 billion to pay to different countries it has bilateral ties with, including the Exim Bank of China ($1.8 billion), French Development Agency (267.7 million), amongst others.

Further details released by the debt office showed that Nigeria has $3.3 billion to pay as a result of issuance of Eurobonds ($3 billion) and Diaspora Bonds ($300 million).

Also yesterday, the debt office disclosed that Nigeria’s domestic debt profile has reached $40.87 billion as at September 30, 2017.

It further disclosed that the 36 states of the federation as well as the Federal Capital Territory (FCT) stood at $10.41 billion as at June 30, 2017.

This left the total debt of the country as at September 30, 2017 at $66.63 billion.

The DMO, in a statement, noted that domestic debt accounted for 76.96 percent of the total debt stock while external debt accounted for 23.04 percent.

“The debt data lends credence to the government’s claims that the public debt stock is skewed in favour of domestic debt which is partly responsible for the high debt service figures,” the statement said.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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