China Leads List of Five Countries Nigerian Government Is Currently Owing Huge Amounts of Money
- This is according to data from the Debt Management Office (DMO) website, the body in charge of debt statistics in the country
- Although details of Nigeria's agreement with China are publicly not available, DMO data shows Nigeria is indebted to five countries worth over N1 trillion
- As expected, China accounts for the highest debt stock among countries, and the debts were obtained through bilateral agreements
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According to data obtained from the Debt Management Office, the federal government of Nigeria as of March 2022, is owing five countries $4.49 billion, which is N1.91 trillion in Naira at an exchange rate of N430/$.
The countries that Nigeria over the years have borrowed from are France, China, Japan, India, and Germany.
The debts to the countries were reached through various bilateral agreements with the countries' lending institutions.
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How much is Nigeria owing countries?
As expected, the highest amount of debt owed is to China through its lending institution, gave Nigeria $3.66bn or N1.55 trillion.
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While Nigeria borrowed from France through Agence Francaise Development the sum of $567.89 million (N241.63bn).
The federal government is also owing Japan through Japan International Cooperation Agency $67.96 million(N28.91 billion).
India through its Exim Bank of India loan to Nigerian $28.33 million (N12.05bn) and Gemany it was through Kreditanstalt Fur Wiederaufbua $164.04 million (N69.79bn)
How much do Nigerians owe each country?
In terms of debt per capita which is calculated as the total public debt of a country divided by the country’s population, each Nigerian currently owes N9,265.5 to the five countries.
The population figure used for the calculation is 206 million based on World Bank data, as there is currently no official figure.
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Breakdown of each citizen's debts to countries
- China- N7,519
- France- N1,172
- Germany-N338.55
- Japan- N140.2
- India- N58.45
Nigeria plans to construct its first nuclear power plant
Meanwhile, the federal government of Nigeria has announced plans to build a nuclear power plant to address the country's electrical challenges.
The World Bank recently ranked Nigeria as having one of the worst power supply in the world, and the Federal Government will be hoping that the new plant can change that narrative.
Deals have already been inked with Russia and Pakistan to train Nigerians on how to run the proposed power plant effectively.
Source: Legit.ng
