Data from the Debt Management Office (DMO) has indicated that Nigeria’s total public debt was estimated at N97.34 trillion ($108 billion) as of December 2023.

The makes a 146% increase from the N39.56 trillion recorded at the end of 2022.

According to analysts, the central bank's 'N22 trillion Ways and Means' significantly contributes to country's growing debt.

The federal and state governments collectively domestic and external debt amounting to N97.34 trillion.

Countries Nigeria owes

1. China

2. France

3. Germany

4. Japan

Multilateral debts are also owed to these institutions:

1. International Monetary Fund (IMF).

2. The World Bank

3. The Islamic Development Bank

4. The African Development Bank (AfDB).

On domestic debt, the Nigerian government borrows money by issuing bonds in local currency to the domestic market.

DMO data shows that federal and state governments owe a combined domestic debt of N59.12 trillion, of which state governments owe about N5.86 trillion.

FGN bonds constitute the most significant source of domestic debt, with N59.12 trillion totalling 40% of the country’s total debt.

According to reports, Nigeria’s total external debt balance as of December 2023 is $42.5 billion, with states owing $.61 billion.

Nigeria's top external creditors

Islamic Development Bank: $238.17 million

Africa Growing Together Fund: $23.35 million Exim

Bank of China: $5.17 billion

International Development Association: $14.96 billion

International Fund For Agricultural Development: $277.4 million.

BEB