Nigeria’s External Debt Rises To $40billion

Nigeria’s total external debt has risen from $10.32bn on June 30, 2015, to $40.06bn as of June 30, 2022. <br />A breakdown shows that in 2015, 36 states had $3.27bn external debt while the Federal Government had $7.05bn. <br />The debts included loans from multilateral sources such as the World Bank, the African Development bank, and the International Monetary Fund. <br />They also included bilateral loans from China, France, Japan, Germany, and India, as well as commercial sources including Eurobonds and Diaspora bonds. <br />The International Monetary Fund recently said that the long-term rate of the depreciation of the naira equated to a loss of 10.6 percent of its value annually since 1973.