Good News: Nigeria Successfully Repays China, Islamic Bank, Arab Bank, IMF and Others N3.63tn Debt

0
President Muhammadu Buhari

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.

 

Read Also: Prominent Nigerian Pastor fakes own obituary to evade N3m debt payment

 

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.

 

Also Read: Anxiety as Yul Edochie deletes all photos of his Second Wife and her son from his IG

 

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

 

Thanks for using our platform to learn about the latest Naija News on Nigeria repays China, Islamic bank, others N3.63tn debt, borrows another N6.6trn

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here