Home Civil Law Nigeria Owes IMF, World Bank, Others $31.98bn – Lawyard

Nigeria Owes IMF, World Bank, Others $31.98bn – Lawyard

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Nigeria’s bilateral and multilateral money owed stood at $31.98 billion as of September 2020, in keeping with the most recent figures let go by the Debt Management Office  (DMO).

The excellent money owed aren’t solely owed to bilateral and multilateral establishments but additionally embody industrial loans  from Eurobonds and Diaspora Bond.

Bilateral money owed are these arising from country-to-country loans or loans secured by Nigeria from monetary establishments belonging to different international locations whereas multilateral money owed are from international or regional monetary companies.

Mutilateral establishments within the World Bank Group being owed by Nigeria are the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Nigeria additionally owes the International  Monetary Fund (IMF), the African Growing Together Fund and African Development Fund that are under the African Development Bank (AfDB).

Other multilateral establishments being owed embody the European Development Fund, Arab Bank for Economic Development and Islamic Development Bank, amongst others.

The bilateral debt inventory are these owed to the Exim Bank of China, Agence Francaise Development of France and Japan International Cooperation Agency.

A breakdown of the  DMO figures point out that greater than half of the $31.98 billion debt are owed multilateral establishments, together with the  IMF, World Bank and AfDB.

Out of $31.98 billion excellent debt,  $10.74 billion belongs to the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD) that are associates of the World Bank Group.

The debt inventory additionally reveals that Nigeria owes the IMF $3.45 billion.

The IMF had in May final yr let go $3.Four billion in emergency monetary help under the Rapid Financing Instrument (RFI) to help the  federal authorities’s’ efforts in addressing the extreme financial affect of the COVID-19 shocks and the sharp fall in oil costs.

Nigeria additionally owes $2.24 billion to Africa Growing Together Fund and African Development Fund; entities of the AfDB Group.

The nation can also be indebted to 4 worldwide lenders, together with  the Arab Bank for Economic Development in Africa (BADEA); Islamic Development Bank (IDB); International Fund for Agricultural Development (IFAD) and European Development Fund (EDF) $298.12 million.

Nigeria additionally owes 5 international locations (China, France, Japan, India and Germany) $4.07 million; accounting for 12.74 per cent of the nation’s exterior debt.

A complete of $3.26 million is owed to the Export Import (Exim) Bank of China; Agence Francaise Development ($502.38 million); Japan International Cooperation Agency ($78.20 million); Exim Bank of India ($37 million) and Kreditanstalt Fur Wiederaufbua ($193.26 million), at the same time as Nigeria holds $10.86 billion in Eurobonds and $300 million in Diaspora bond.

Based on the figures let go final Thursday by the DMO, Nigeria’s complete public debt inventory, which contains the debt inventory of the Federal Government of Nigeria  (FGN), the 36 state governments and the Federal Capital Territory (FCT) jumped from N31.009 trillion as of June 30, 2020 to N32.223 trillion ($84.574 billion) by September 30, 2020.

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