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.
DMO stated this in its latest debt report published on its website and analysed by Torizone
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.
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.
