Nigeria’s foreign debt stands at $22.08bn

Nigeria’s foreign debt currently stands at $22.08 billion according to the National Bureau of Statistics (NBS).

The bureau puts domestic debt at N3.48 billion.

The NBS in the Nigerian Domestic and Foreign Debt Q2 2018 report released in Abuja shows that $10.88billion of the debt is multilateral and $274.98 million is bilateral.

Multilateral debts are debts owed by developing countries to the World Bank and IMF, known as the Bretton Woods Institutions, while bilateral debt is a simple loan arrangement between a single borrower and a single lender.

The NBS report says: “There is another $2.12billion bilateral from the Exim Bank of China, Japan International Cooperation Agency, India and KfW bank while $8.80billion is commercial.

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The bureau said Lagos State has the highest foreign debt profile among the 36 states while  the FCT accounts for 34.17 per cent.

Edo has 6.57 per cent; Kaduna 5.48 per cent; Cross River 4.56 per cent and Bauchi followed closely with 3.18 per cent.

“Similarly, total domestic debt was N3.48 trillion with Lagos state accounting for 14.88 per cent of the total domestic debt stock,” it said.

Anambra State has the least debt in this category with a contribution of 0.08 per cent.