On Friday, the Debt Management Office (DMO) published its quarterly debt report, stating that Nigeria’s total public debt — federal and state governments — hit N49.85 trillion at the end
The latest figure increased by N3.60 trillion from the sum of N46.25 trillion recorded at the end of December 2022.
The multilateral category is the external debt burden to international financial institutions such as the International Monetary Fund and the World Bank, while the bilateral category represents money borrowed from other countries or governments.According to the DMO, the five countries Nigeria is indebted to are China, France, Japan, India, and Germany.
In close proximity are France, with a $593.75 million loan to Nigeria through its Agence Francaise Development; and Germany through Kreditanstalt Fur Wiederaufbua.
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