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Nigeria’s external debt increases by $11.77bn in the last three years

Nigeria’s external debt increases by $11.77bn in the last three years

- From 2015 till now, Nigeria's external debt increased by $11.77 billion

- The country’s external debt rose from $10.32 billion in June 30, 2015 to $22.08 billion as of June 2018

- This means that the country’s external debt commitment has grown by 114.05% in the last 3 years

Debt statistics obtained from the Debt Management Office (DMO) shows that Nigeria’s external debt commitment rose by $11.77bn in the last three years.

This means that Nigeria's external debt rose by 114.05% from $10.32 billion in June 30, 2015 to $22.08 billion as of June 30 this year.

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The Punch reports that although multilateral debt made up $10.88 billion or 49.28% of the country’s external debt profile, most of the increases in the last three years occurred in the area of commercial loans.

According to the DMO, commercial foreign loans, which stood at $1.5 billion as of June 30, 2015, had risen to $8.8 billion as of June 30 2018.

This means that in the last three years, the country’s exposure to commercial foreign loans has risen by $7.3 billion or 486.67%.

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Meanwhile, Legit.ng earlier reported that Peter Obi, a former governor of Anambra state, on Saturday, August 25, warned that Nigeria’s economy is currently on life support with as a result of the nation’s rising debt profile which he put at N22.7 trillion.

Obi further put the country’s unemployment rate at 60 percent saying this was the result of bad governance.

The former governor stressed that if 50 percent of the country’s revenue is used to settle such debt, Nigerians will continue to groan.

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Source: Legit.ng

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