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

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

  • The Nigerian government has successfully repaid part of its debt of N3.63 trillion owed to world bank among several creditors
  • The creditors received their payments between Janaury and December of 2022 in both naira and dollars
  • Although the repayment is good news, the Nigerian government has borrowed another N6.69 trillion

According to data from the Debt Management Office (DMO) obtained by, Nigeria spent N3.63 trillion servicing its external and domestic debts in 2022.

The payments were made to creditors which include the Chinese government, Islamic Bank, Arab bank, International Monetary Fund among several others.

Nigeria debt service
Nigeria government borrows another N6.6trn in 2022 Photo credit: @presidency
Source: Facebook

How Nigeria repaid some of its debt

Check on DMO data shows Nigeria used the exchange rate of N448.08 to pay off external debt of $2.40 billion, which amounted to N1.07 trillion.

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While the total domestic debt service for the year stood at N2.56 trillion.

The domestic debt service, which covers payments to bond investors, banks, and others, DMO data revealed that N529.88 billion was the highest monthly debt servicing expenditure paid in April 2022.

Here is the monthly breakdown of how the Federal Government (FG) repaid debt to domestic creditors in 2022.

  • January - N188.36 billion
  • February - N103.88 billion
  • March - N376.44 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.

Some external debt creditors that received credit alerts from Nigeria in 2022

  • China - $256,583,866.48
  • International Monetary Fund: $14,908,327.22
  • African Development Bank: $114,170,633.49
  • International Fund For Agricultural Development: $6,364,700.31
  • African Development Fund: $29,287,792.35
  • Africa Growing Together Fund: $389,139.37
  • International Development Association: $446,064,137.09
  • European Development Fund: $5,243,339.76
  • Arab Bank for Economic Development in Africa: $632,181.86
  • Islamic Development Bank: $1,552,989.77
  • India : $8,166,901.40
  • France: $46,825,104.25
  • Germany: $24,978,907.67

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Nigeria’s Public Debt Rises to N46.25 trillion

Meanwhile in another report, revealed that that Nigeria’s total public debt stock rose to N46.25 trillion as of the end of December 2022.

This is a 14.46% increase or N6.69 trillion compared to N39.56 trillion recorded on December 31, 2021.

Lagos State is the most indebted state in Nigeria, with a total debt of N807.20bn, followed by Delta State.


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