Ndubuisi Francis in Abuja
Nigeria’s bilateral and multilateral debts stood at $31.98 billion as of September 2020, according to the latest figures released by the Debt Management Office (DMO).
The outstanding debts are not only owed to bilateral and multilateral institutions but also include commercial loans from Eurobonds and Diaspora Bond.
Bilateral debts are those arising from country-to-country loans or loans secured by Nigeria from financial institutions belonging to other countries while multilateral debts are from global or regional financial agencies.
Mutilateral institutions in the World Bank Group being owed by Nigeria are the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Nigeria also owes the International Monetary Fund (IMF), the African Growing Together Fund and African Development Fund which are under the African Development Bank (AfDB).