The Federal Government is currently engaging the World Bank on a fresh $1.5bn loan, findings by Sunday PUNCH have shown. The World Bank is Nigeria’s biggest multilateral creditor, with the country owing about $14.51bn as of June 30, 2023. Further breakdown shows that Nigeria has a total domestic debt of N54.13tn and total external debt of N33.25tn. “Talking about external borrowing, let me clarify that this year’s budget has room for a new external borrowing of about N1.7tn. A development economist, Aliyu Ilias, told Sunday PUNCH that with the currency devaluation, the external debt burden would likely double.

Source: Punch October 01, 2023 17:02 UTC