Nigeria’s Debt Management Office says the nation’s external debt stock rose by 148 per cent in almost four years of the MUHAMMADU BUHARI administration.
According to the DMO, the external debt soared to $25.61 billion dollars on March 31, 2019 from $10.32 billion dollars on June 30, 2015.
Eurobonds worth $10.87 billion dollars accounted for the largest chunk of the external debt, as it rose from $1.5 billion dollars on June 30, 2015.
The debt management body said debt owed to the World Bank rose to $8.90 billion dollars from $6.19 billion dollars in the period under review.
China, through its Export-Import Bank of China, is the third biggest lender to Nigeria with a loan of $2.55 billion dollars as of March 31, 2019, up from $1.39 billion dollars as of June 30, 2015.
