Nigeria Govt Pays N3.64tn Foreign Debt to China, Islamic Bank, Arab Bank, IMF, Other Creditors

The Federal Government of Nigeria is said to have successfully repaid a debt of N3.63 trillion owed to world bank among several creditors

The creditors were reported to have received their payments between Janaury and December of 2022 in both Naira and Dollars currencies

Nevertheless, amidst the repaymeng  is the borrowing of another N6.69 trillion by government

According to data from the Debt Management Office (DMO) which was sighted by Towncriernews.com.ng, 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.

The document shows that the Nigeria Government used the exchange rate of N448.08 to pay off external debt of $2.40 billion, which amounted to N1.07 trillion,

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.