Nigeria has successfully repaid a total of $3,070,000,000 in debts owed to various international creditors, including China and the World Bank....CONTINUE READING THE FULL ARTICLE>>>
The Debt Management Office (DMO) has provided insights into the repayment, shedding light on the remaining balance.
The data released by the Central Bank of Nigeria (CBN) outlines that the nation made debt repayments between January and October 2023, marking a notable increase compared to the corresponding period in 2022 when $2,220,000,000 was disbursed for similar purposes.
The meticulous breakdown of the debt repayment reveals that specific amounts were allocated each month, reflecting the government’s commitment to servicing its external obligations.
The repayments encompassed diverse creditors and were part of Nigeria’s ongoing efforts to manage its fiscal responsibilities.
The DMO’s report indicates that, as of September 30, 2023, Nigeria’s total public debt stood at $114,350,000,000.
The external debt accounted for $41,590,000,000 constituting 36.38 percent of the overall debt, while the domestic debt reached $72,760,000,000 representing 63.62 percent.
Despite the challenges posed by a substantial debt burden, the federal government’s commitment to financial prudence and responsible debt management is evident.
The DMO highlights that the official exchange rate of US$1 to N768.76, as of September 30, 2023, was utilized for converting external debt to the local currency.
Furthermore, the successful reduction in Nigeria’s external debt stock is attributed to strategic financial measures undertaken by the administration of President Bola Tinubu.
Meanwhile, the outstanding external debt dropped by $1,570,000,000 reaching $41.59 billion as of September 30, 2023, down from $43,160,000,000 in June.
The accomplishment underscores Nigeria’s dedication to maintaining fiscal discipline, securing its financial stability, and honoring its global financial commitments.
However, as the nation continues its economic journey, prudent financial management remains a key focus to ensure sustained growth and resilience in the face of global economic challenges…CONTINUE READING>>
