Nigerian Government Repays China, IMF, Islamic Bank and others 3.63trn Debt


Edited By:: Stanley Smiles (Jos)

The Nigerian government under President Muhammadu Buhari has successfully repaid a debt of N3.63 trillion owed to the International Monetary Fund (IMF), Chinese government and others.

This is according to data from the Debt Management Office (DMO) obtained by, on April 10, 2023.

The data revealed that Nigeria spent N3.63 trillion servicing its external and domestic debts in 2022.

The payments were made to creditors which include the Chinese government, Islamic Bank, Arab bank, International Monetary Fund (IMF) among several others.

The data also revealed that Nigeria used the exchange rate of N448.08 to pay off external debt of $2.40 billion, which amounted to N1.07 trillion.

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While the total domestic debt service for the year stood at N2.56 trillion. The domestic debt service, which covers payments to bond investors, banks, and others, DMO data revealed that N529.88 billion was the highest monthly debt servicing expenditure paid in April 2022.

The monthly breakdown of how the Federal Government (FG) repaid debt to domestic creditors in 2022 are shown below:

January – N188.36 billion

February – N103.88 billion

March – N376.44 billion

April – N529.88 billion

May – N66.97 billion

June – N67.88 billion

July – N248.72 billion

August – N152.44 billion

September – N419.42 billion

October – N302.42 billion

November – N57.24 billion

December – N47.11 billion.

Some external debt creditors that received credit alerts from Nigeria in 2022 are:

China – $256,583,866.48

International Monetary Fund: $14,908,327.22

African Development Bank: $114,170,633.49

International Fund For Agricultural Development: $6,364,700.31

African Development Fund: $29,287,792.35

Africa Growing Together Fund: $389,139.37

International Development Association: $446,064,137.09

European Development Fund: $5,243,339.76

Arab Bank for Economic Development in Africa: $632,181.86

Islamic Development Bank: $1,552,989.77

India: $8,166,901.40

France: $46,825,104.25 Germany: $24,978,907.67

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