the majority owed to the International Development Association (IDA), accounting for $16.32 billion, 38% of Nigeria’s total foreign debt.
The Nigerian government owes $484 million to another arm of the World Bank, the International Bank for Reconstruction and Development.
Nigeria’s debt to AfDB is $3.87 billion, representing 9.03% of the total external debt.
Nigeria is indebted to the Arab Bank for Economic Development in Africa about $4.97 million, representing 0.01% of the country’s external debt.
Nigeria’s debt to IsDB is about $241.84 million, while its debt to the International Fund for Agricultural Development is $273.51 million.
Nigeria’s debt to China and other countries
Bilateral lenders like China and France have given Nigeria $5.89 billion in credit financing.
According to reports, China remains Nigeria’s largest bilateral lender, with $5.07 billion owed to the Exim Bank of China.
Nigeria is indebted to France about $623.55 million and $52.18 million to Japan.
Nigeria’s indebtedness to India stands at $22 million and Germany $115.81 million.
Meanwhile, commercial creditors via Eurobonds form much of Nigeria’s external debt.
The country owes about $15.12 billion in Eurobonds, which accounts for 35.24% of Nigeria’s foreign debt.
Sovereign debt servicing dips from 97% to 65% in Nigeria
Legit.ng earlier reported that in response to the recent decline in sovereign debt servicing from 97% to 65% of government revenue, President Bola Tinubu said the change indicated the country’s economic recovery.
During Monday’s swearing-in ceremony for seven new ministers in Abuja, Tinubu declared war on looters and promised to take innovative measures to protect the country’s wealth from theft.
He also emphasised these leaders’ vital role in helping Nigeria navigate its economic difficulties, highlighting the significance of their commitment and foresight during this crucial time.
