FG Gives Update on Debt Servicing Payment to China, World Bank, IMF, Others, Gets New Loan Approval
- The federal government of Nigeria has provided an update on debt servicing payments to creditors
- The update comes amid growing concerns about Nigeria's local and foreign debt stock, which now exceeds N100 trillion
- Nigeria owes several countries, as well as local and international financial institutions such as the World Bank and IMF
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Wale Edun, the minister of finance and coordinating minister for the economy, said Nigeria has paid $700 million in debt services.
He disclosed this when he appeared before the Senate committee on appropriation over the budgets' performances on Wednesday, July 3.
Source: Twitter
According to Edun, the debt service payment was for 420 national development agencies and others, Punch reports.
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The finance minister also provided an update on the ongoing forensic investigation into the N30 trillion Ways and Means.
His words:
“We have paid $700m in debt services for 420 national development agencies and others.
“We are also interrogating the N22.7 trillion that we met on the ground. We instituted a forensic audit to see the impact.
“We are also interrogating the revenues that are due to us from everybody because we need to.
"The view of the fact that ways and means are going down rather than up, so we are servicing all the debts.”
Nigeria gets loan approval
In another development, the World Bank announced extending a $430 million facility to support Nigeria's Digital Identification for Development Project.
The $430 million is broken down to ($115 million of which is the IDA, $100 million equivalent from the French Development Agency (AFD), and US$215 million equivalent from the European Investment Bank (EIB)).
The Nigeria Digital Identification for Development project was approved by the Board of Executive Directors of the International Development Association (IDA) in 2023, and the associated Financing Agreement (FA). It was signed in February 2021, became effective on December 14, 2021.
The project objective aimed to increase the number of persons with a national ID number.
Data shows how much each Nigerian owes
Legit.ng previously reported that data from the Debt Management Office (DMO) shows that Nigeria's total public debt is rising.
The figure includes new borrowings under President Bola Tinubu.
The increased debt profile comes four months after President Tinubu and 18 new governors came into office.
Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
