Modupe GbadeyankaBy Modupe Gbadeyanka
Data obtained by Business Post from the Debt Management Office (DMO) has revealed that Nigeria’s foreign debt increased to $11.4 trillion as at December 31, 2016 from the $10.7 trillion in the corresponding year of 2015, representing a rise by 6.4 percent.
Also from data obtained by Business Post from http://www.tradingeconomics.com/nigeria/external-debt, Nigeria’s external debt in the third quarter of 2016 stood at $11.3 trillion.
It stated further that foreign debt in Nigeria averaged $6.9 trillion from 2008 until 2016, reaching an all-time high of $11.4 trillion in the fourth quarter of 2016 and a record low of $3.6 trillion in the first quarter of 2009.
A breakdown of the $11.4 trillion debt, according to the DMO, showed that the Federal Government owed $7.8 trillion, while the 36 states of the federation and the FCTA owed $3.6 trillion.
In the DMO analysis, $7,988,221,870 came from the World Bank, the African Development Bank and other bodies; while $3,219,808,738 came from the China EXIM Bank, the Japanese International Cooperation Agency and others; and $198,245,989 from France’s Agence Francaise De Development.
