At the end of every year from 2017 to 2023, Nigeria added between $800m and $7.5b to its external debt. After repaying $3.5 billion of its external debt in 2023, the country's external debt only increased by $800m as of December, marking the lowest increase in the past 7 years.
As of March 2021, the Federal Government of Nigeria’s External DebtStock stood at $32.9 billion. Following President Muhammadu Buhari’s request to the Senate to approve $6.183 billion in May 2021, we give you the breakdown of the nation’s External DebtStock by category.
Nigeria's debt burden has been a growing concern, with data revealing that for every $1 billion external loan repaid in the past decade, approximately $3 billion was borrowed. Here, we look at how the country has managed its external debt in the past ten years.
Nigeria repaid an average of $368m in external debt every year between 2008 and 2017. In 2018, the payments increased by 217% to $1.47b from $464m in 2017, then dropped by 9.4% in 2019, and has since been on the rise. Here are Nigeria's external debt repayments since 2008.
Nigeria added ₦23.9 trillion to the debt it owes creditors within the country as of Q2 2023, its external debt on the other hand increased by 1.14% from $42.7 billion to $43.2 billion.
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