Nigeria’s debt to China, France, Japan, India and Germany rose to $4.26bn as of June 30, 2021 from $3.85bn at the end of 2019, according to data obtained from the Debt Management Office. The bilateral loans accounted for 13.89 per cent of the country’s total external debt of $27.67bn as of the first quarter of 2020. The bilateral loans increased by $110m to $3.95bn on June 30, 2020, accounting for 12.54 per cent of the total external debt of $31.48bn. The debt owed to the five countries rose by $130m in Q3 to $4.08bn on September 30, 2020, making up 12.74 per cent of the total external debt of $31.99bn. Nigeria’s total indebtedness to these countries fell slightly by $2m to $4.06bn at the end of 2020, accounting for 12.17 per cent of the total external debt of $33.35bn as of December 2020.

Source: Punch December 04, 2021 00:48 UTC