The Federal Government of Nigeria is seeking to acquire new loans worth $4.4 billion from the World Bank and the African Development Bank
This move comes as the country’s total debt stock has risen to N101 trillion
Here are some key points about Nigeria’s debt crisis:
Rising Debt Stock:
Nigeria’s total debt stock has risen to N101 trillion, with a significant portion of it being external debt
New Loans: The Federal Government is seeking to acquire new loans worth $4.4 billion from the World Bank and the African Development Bank
Debt Servicing: The cost of debt servicing has been rising, with a significant portion of the country’s revenue being spent on debt servicing
Concerns: There are concerns about the sustainability of Nigeria’s debt, with some experts warning that the country may be heading towards a debt crisis
-Economic Implications: The rising debt stock and debt servicing costs could have significant implications for Nigeria’s economy, including reduced spending on essential services and infrastructure
Key Statistics
– Total debt stock: N101 trillion
– External debt: $41.59 billion
– Domestic debt: N55.93 trillion
– Debt servicing cost: 75.92% of aggregate revenue (January-July 2023)
