Categories: AFRICALatest

Nigeria Owes IMF, World Bank, Others $31.98bn

Nigeria’s bilateral and multilateral debts stood at $31.98 billion as of September 2020, according to the latest figures released by the Debt Management Office  (DMO).

The outstanding debts are not only owed to bilateral and multilateral institutions but also include commercial loans  from Eurobonds and Diaspora Bond.

Bilateral debts are those arising from country-to-country loans or loans secured by Nigeria from financial institutions belonging to other countries while multilateral debts are from global or regional financial agencies.

Mutilateral institutions in the World Bank Group being owed by Nigeria are the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Nigeria also owes the International  Monetary Fund (IMF), the African Growing Together Fund and African Development Fund which are under the African Development Bank (AfDB).

Other multilateral institutions being owed include the European Development Fund, Arab Bank for Economic Development and Islamic Development Bank, among others.

The bilateral debt stock are those owed to the Exim Bank of China, Agence Francaise Development of France and Japan International Cooperation Agency.

A breakdown of the  DMO figures indicate that more than half of the $31.98 billion debt are owed multilateral institutions, including the  IMF, World Bank and AfDB.

Out of $31.98 billion outstanding debt,  $10.74 billion belongs to the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD) which are affiliates of the World Bank Group.

The debt stock also shows that Nigeria owes the IMF $3.45 billion.

The IMF had in May last year released $3.4 billion in emergency financial assistance under the Rapid Financing Instrument (RFI) to support the  federal government’s’ efforts in addressing the severe economic impact of the COVID-19 shocks and the sharp fall in oil prices.

Nigeria also owes $2.24 billion to Africa Growing Together Fund and African Development Fund; entities of the AfDB Group.

The country is also indebted to four international lenders, including  the Arab Bank for Economic Development in Africa (BADEA); Islamic Development Bank (IDB); International Fund for Agricultural Development (IFAD) and European Development Fund (EDF) $298.12 million.

Nigeria also owes five countries (China, France, Japan, India and Germany) $4.07 million; accounting for 12.74 per cent of the nation’s external debt.

A total of $3.26 million is owed to the Export Import (Exim) Bank of China; Agence Francaise Development ($502.38 million); Japan International Cooperation Agency ($78.20 million); Exim Bank of India ($37 million) and Kreditanstalt Fur Wiederaufbua ($193.26 million), even as Nigeria holds $10.86 billion in Eurobonds and $300 million in Diaspora bond.

Based on the figures released last Thursday by the DMO, Nigeria’s total public debt stock, which comprises the debt stock of the Federal Government of Nigeria  (FGN), the 36 state governments and the Federal Capital Territory (FCT) jumped from N31.009 trillion as of June 30, 2020 to N32.223 trillion ($84.574 billion) by September 30, 2020.

Ndubuisi Francis  

Follow us on:

AriseNews

Recent Posts

Trump Considers Kevin Warsh for Treasury Secretary, Role Of Chairman Of Federal Reserve

Trump is considering Kevin Warsh for Treasury Secretary, with a future possibility of him becoming…

19 mins ago

Hyundai Recalls 145,235 Electrified Vehicles In The US Due To Power Loss Issue

Hyundai has recalled 145,235 electrified vehicles in the US. due to potential loss of drive…

21 mins ago

‘We’re Going to Begin to License Actors’, Says AGN President in A Bid For Standardisation

AGN president Rollas has stressed the need for actor licensing to ensure fair compensation and…

22 mins ago

EU Closes Antitrust Investigation Into Apple’s App Store Rules After Complaint Withdrawal

EU regulators has closed a four-year investigation into Apple's App Store rules after the complainant…

32 mins ago

IPOB Denounces Simon Ekpa As A ‘Destructive Agent’, Clarifies He Was Never A Member Of The Group

IPOB distanced itself from Simon Ekpa, calling him a “destructive agent” who infiltrated and destabilised…

2 hours ago

Biden Calls ICC’s Arrest Warrants For Netanyahu, Gallant ‘Outrageous’

Biden has condemned ICC's arrest warrants for Netanyahu and Gallant, calling them "outrageous" amid global…

2 hours ago