Posted 3/24/2024, 10:31:54 AM
Nigeria's Debt Payments Hit $3.5 Billion in 2023, With Over Half Going to Costly Commercial Loans
- Nigeria spent $3.5 billion on debt service in 2023, with over half going to commercial loans
- Total debt stock rose to N97.38 trillion as of December 2023, including N59.12 trillion in domestic debt
- Multilateral lenders like World Bank and IMF accounted for 35% of debt payments
- Bilateral loans from China, Japan and Germany made up 10% of the $3.5 billion
- New data shows Nigeria's debt increased by 10.7% quarter-over-quarter, hitting a new record high
