China Accounts for 81.98% of Nigeria's External Debt to Countries as how much each Nigerian Owes is Revealed

China Accounts for 81.98% of Nigeria's External Debt to Countries as how much each Nigerian Owes is Revealed

  • The news of China taking over Uganda's Airport stirred heated reactions from Nigerians as many fear similar fate awaits Nigeria
  • Although details of Nigeria's agreement with China is publicly not available, DMO data shows Nigeria is indebted to five countries worth over N1 trillion
  • As expected China accounts for the highest debt stock by countries and the debts were obtained through bi-lateral agreements

As of the end of June 30, the Nigerian government owes N1.75 trillion( $4.25bn) to five countries out of which N1.43 trillion( $3.48bn) representing 81.98 percent are to China

This is according to data obtained from the Debt Management Office (DMO) website the body in charge of debt statistics in the country.

The debts to countries were reached through various bilateral agreements with the countries' lending institutions.

China accounts for 10.41 percent of Nigeria's external debt as how much each Nigerian owes is revealed
China accounts for 10.41 percent of Nigeria's external debt as how much each Nigerian owes is revealed
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According to DMO data, Nigeria has a total foreign debt stock of N13.71 trillion ($33.46 billion), which comprises money borrowed from countries and international organizations via promissory notes, Eurobonds, and diaspora bonds.

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How much is Nigeria owing countries

China through Exim Bank of China Nigeria owes $3.48 billion which is as earlier stated N1.43 trillion using an exchange rate of N412/$

While Nigeria borrowed France through Agence Francaise Development the sum of $482.15 million(N197.62 billion)

Also Japan through Japan International Cooperation Agency $74.77 million(N30.64 billion) was borrowed

India through its Exim Bank of India loan to Nigerian $34.59 million(N14.17 bn) and Gemany it was through Kreditanstalt Fur Wiederaufbua $174.39 million(N71.48bn)

How much are Nigerians owing each country?

In terms of debt per capita which is calculated as the total public debt of a country divided by the country’s population, each Nigerian is currently owing China at least N7,000.

The population figure used for the calculation is 200 million, as there is currently no official figure.

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More borrowing has increased Nigeria’s public debt to N38trn in 2021, DMO Says

  • China- N7,178
  • Japan- N154
  • France- N1000
  • India- N71
  • Gemany-N358

From Obasanjo to Buhari: List of loans borrowed under Nigeria's 4 presidents

Legit.ng had earlier reported that President Muhammadu Buhari stirred heated reactions from Nigerians when he tabled a fresh request for the approval of another set of loans before the Senate.

The Nigerian leader sought approval from the National Assembly to borrow $4,054,476,863.00, €710 million, and a grant of $125 million.

Many Nigerians are against the borrowing spree of the current administration as it seeks to provide more infrastructure amid dwindling revenue.

Source: Legit.ng

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