Nigeria repays China, Islamic bank, others N3.63tn debt, borrows another N6.6trn
From the records of the Debt Management Office (DMO), Ejes Gist News Nigeria gathered that Nigeria spent N3.63 trillion servicing its external and domestic debts in 2022.
The payments were made to creditors including, among others, the Chinese government, the Islamic Bank, the Arab bank, and the International Monetary Fund.
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How Nigeria paid back a portion of its debt
According to DMO data, Nigeria utilised the exchange rate of N448.08 to pay off its $2.40 billion in external debt, which amounted to N1.07 trillion.
While domestic debt service for the year totaled N2.56 trillion.
The domestic debt service, which includes payments to bond investors, banks, and others, had the highest monthly payment of N529.88 billion in April 2022, according to DMO data.
Here is a monthly breakdown of the Federal Government’s (FG) domestic debt repayment in 2022.
January – N188.36 billion
February – N103.88 billion
March: N376.4 billion
April – N529.88 billion
May – N66.97 billion
June – N67.88 billion
July – N248.72 billion
August – N152.44 billion
September – N419.42 billion
October – N302.42 billion
November – N57.24 billion
December – N47,11 billion Naira.
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Some creditors of Nigeria’s external debt who received credit alerts in 2022
China – $256,583,866.48
International Development Association: $446,064,137.09 European Development Fund: $5,243,335.76
Arab Bank for Economic Development in Africa: $632,181.87 The Islamic Development Bank: $1,552,987.77
India: $8,166,901.40
France: $46,825,104.25
Germany: $24,987,007.67
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