The Federal Government has repaid Nigeria’s debt of N3.63 trillion owed to the International Monetary Fund (IMF), Chinese government and others.
This is contained in data from the Debt Management Office (DMO), which has revealed that Nigeria spent N3.63 trillion to service its external and domestic debts in 2022.
According to DMO, the payments were made to creditors which include the Chinese government, Islamic Bank, Arab bank, International Monetary Fund (IMF) among several others.
The data also revealed that Nigeria used the exchange rate of N448.08 to pay off external debt of $2.40 billion, which amounted to N1.07 trillion.
While the total domestic debt service for the year stood at N2.56 trillion, domestic debt service, which covers payments to bond investors, banks, and others, DMO data revealed that N529.88 billion was the highest monthly debt servicing expenditure paid in April 2022.
The monthly breakdown of how Government repaid debt to domestic creditors in 2022 are as follows:
- January – N188.36 billion
- February – N103.88 billion
- March – N376.44 billion
- April – N529.88 billion
- May – N66.97 billion
- June – N67.88 billion
- July – N248.72 billion
- August – N152.44 billion
- September – N419.42 billion
- October – N302.42 billion
- November – N57.24 billion
- December – N47.11 billion.
Some external debt creditors that received credit alerts from Nigeria in 2022 are:
- China – $256,583,866.48
- International Monetary Fund: $14,908,327.22
- African Development Bank: $114,170,633.49
- International Fund For Agricultural Development: $6,364,700.31
- African Development Fund: $29,287,792.35
- Africa Growing Together Fund: $389,139.37
- International Development Association: $446,064,137.09
- European Development Fund: $5,243,339.76
- Arab Bank for Economic Development in Africa: $632,181.86
- Islamic Development Bank: $1,552,989.77
- India: $8,166,901.40
- France: $46,825,104.25 Germany: $24,978,907.67
