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BREAKING: Nigeria Successfully Repays China, World Bank, Others $3.07bn Debts, DMO Gives Balance

Data released by the Central Bank of Nigeria (CBN) has shown the total amount of external debt servicing in 2023 from January to September.

During the ten months, the nation paid $3.07 billion in servicing its foreign debt. The amount represents an increase of $850.42 million or 38.31% over the $2.22 billion it spent during the same time in 2022.

A breakdown of the data showed that to service its external debt, the government spent $112.35 million in January, $288.54 million in February, and $400.47 million in March.

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In addition, $92.85 million was spent in April, $221.05 million in May, $54.36 million in June, and $641.69 million in July.

New Telegraph reported that $309.96 million was spent in August, $439.06 million in September, and $509.73 million in October.

Earlier, Legit.ng reported that the federal government paid $1.17 billion to service foreign debt commitments in the first half of 2023.

The country’s significant lenders include China, the World Bank, the African Development Bank, the Islamic Development Bank, Japan, France, and others.
The debt management office (DMO) data showed that the outstanding total public debt (external and internal) summed up to $114.35 billion or (N87.91trn) as of September 30.

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The external debt makes up $41.59 billion, 36.38%, and domestic debt makes up $72.76 billion, 63.62%.

Domestic debt includes the Federal Government of Nigeria (FGN), the thirty-six (36) State Governments, and the Federal Capital Territory (FCT).

According to the DMO, the Central Bank of Nigeria (CBN) Official Exchange Rate of US$1 to N768.76 as of September 30, 2023, was used in converting External Debt to Naira.

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Legit.ng reported that the administration of President Bola Tinubu has reduced Nigeria’s external debt stock by $1.57 billion to $41.59 billion as of September 30, 2023, from $43.16 billion it stood in June 2023.

This is according to the third quarter public debt report published by the Debt Management Office (DMO).

The decline, DMO said, is due to the redemption of Nigeria’s $500 million Eurobonds and the first principal payment of $413.859 million from the IMF’s $3.4 billion loan obtained during the 2020 COVID-19 period.

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