News
Nigeria Owes World Bank N3.96trn -DMO

Nigeria’s highest external debt stock to a single multilateral or bilateral financial institution in history now stands at $10.46billion (N3.965trillion at the official rate of N379/$).
Giving this revelation in its latest indebtedness figures in Abuja, at the weekend, the Debt Management Office of the Federal Ministry of Finance disclosed that the Federal Government was owing the total sum to the World Bank Group.
An analysis of the country’s external debt stock as of June 30, 2020, showed that Nigeria’s indebtedness to the International Development Association and the International Bank for Reconstruction and Development were $10.05billion and $409.51million, respectively, the DMO said.
The International Bank for Reconstruction and Development and the International Development Association are both organisations of the World Bank Group.
Other organisations of the multilateral financial institution include the International Finance Corporation, the Multilateral Investment Guarantee Agency and the International Centre for Settlement of Investment Disputes.
The World Bank Group and the African Development Bank Group are two prominent multilateral institutions that lend to the nation.
Nigeria’s total indebtedness to the multilateral institutions during the period under review was put at $16.36billion, representing 51.97 per cent of the country’s total external debt stock.
The DMO put the country’s indebtedness to the AfDB Group at $5.896billion.
The external debts of Nigeria to African Development Bank, Africa Growing Together Fund and African Development Fund are $1.325billion, $140,000, and $921.91million, respectively.
Nigeria’s debt to other organisations of the AfDB Group such as the Arab Bank for Economic Development in Africa, European Development Fund, Islamic Development Bank and International Fund for Agricultural Development, are $5.88million, $52.52million, $30.22million and $201.68million, respectively.
Further analysis of the country’s external debts showed that Nigeria’s total indebtedness to bilateral organisations, which in this case include foreign nations, was $3.948billionn as of June 30.
This represents 12.54 per cent of the country’s entire $31.477billionn external debt stock during the period under review.
For the bilateral organisations, the country’s indebtedness to China (Exim Bank of China) was $3.24billionn, while its debt to France (Agence Francaise Development) was $403.65million.
The country’s debt to Japan (Japan International Corporation Agency) was $76.69million, while Nigeria owes India (Exim Bank of India) $34.87million.
Nigeria also owes Germany the sum of $192.7million.
Still under Nigeria’s external debt stock as of June 30, the DMO put the country’s Eurobonds at $10.87billion, while its Diaspora Bond was $300million.
Eurobond and Diaspora Bond are commercial external debt stock and account for $11.168billion, representing 35.48 per cent of the country’s external debt stock.
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