Nigeria has successfully repaid a debt of N3.63 trillion to several international creditors, including the World Bank, China, Islamic Bank, Arab Bank, International Monetary Fund, and others, between January and December of 2022. This is good news for the country’s economy, as it shows a commitment to responsible debt management. However, the Nigerian government has borrowed another N6.69 trillion, according to data from the Debt Management Office (DMO).
The payments made by Nigeria to its creditors were in both naira and dollars, and the exchange rate of N448.08 was used to pay off external debt of $2.40 billion, which amounted to N1.07 trillion. The domestic debt service, which covers payments to bond investors, banks, and others, stood at N2.56 trillion for the year. The highest monthly debt servicing expenditure paid in April 2022 was N529.88 billion.
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Several external debt creditors received credit alerts from Nigeria in 2022, including China, the International Monetary Fund, African Development Bank, International Fund for Agricultural Development, African Development Fund, Africa Growing Together Fund, International Development Association, European Development Fund, Arab Bank for Economic Development in Africa, Islamic Development Bank, India, France, and Germany.
While the repayment of the N3.63 trillion debt is a positive development for Nigeria’s economy, the country must continue to exercise fiscal responsibility and implement effective debt management strategies to avoid falling into debt traps in the future. With proper management, Nigeria can harness its vast resources and potentials to achieve sustained economic growth and development.
Source: Legit News
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