Nigeria’s public debt runs into $151 billion as the largest creditors are Nigerians and the Central Bank of Nigeria, CBN, who bought various instruments from the government..
The Nigerian government borrows money from Nigeria by issuing bonds to the domestic market in naira. The bonds are also shown on the Nigerian Exchange or the FMDQ, where traders can buy them. Nigerian government owes CBN N22 trillion The debt is relative to the $103.3 billion reported by the Debt Management Office (DMO).
The Nigerian government is indebted to several both domestic and foreign creditors
Domestic debts comprise FGN securities, treasury bills, and recently, CBN’s Ways and Means. Nigeria owes bilateral debts on the foreign scene and multilateral institutions like the World Bank, the International Monetary Fund (IMF) and the African Development Bank (AfDB).
China remains Nigeria’s biggest lender with $3.9 billion, and others include AfDB, IMF and the World Bank
A look at creditors to the federal government shows that Nigerians are owed more than the government
sources of foreign debts Other sources of Nigeria’s debt include Eurobonds at $15.6 billion, accounting for 36 per cent of the external debt, World Bank and IMF at $13 billion and 3.2 billion, respectively. The federal government owes AfDB $2.8 billion in loans. The top five country creditors include China at $3.94 billion, accounting for 83.5 per cent of the total debt to foreign countries.
The top five country creditors include China at $3.94 billion, accounting for 83.5 per cent of the total debt to foreign countries. The country is Nigeria’s single largest creditor in the world. Other creditors account for $50.5 billion and are owed to pension funds, banks, mutual funds, companies, and collective investment schemes. States in Nigeria with the highest external debts as national debt stock hits $41.77 billion
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