Foreign Loans Increased By 64% In 23 States thenigerianvoice.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenigerianvoice.com Daily Mail and Mail on Sunday newspapers.
The Nigerian government could not service Chinese and other bilateral loans in the second quarter ending June 30, 2023 but paid $1.7bn in debt servicing in H1 2022.
The African country also owed international financial institutions – World Bank Group, African Development Bank Group and International Monetary Fund – $20.8 billion as of that time, according to data from the Debt Management Office. This amounts to 48.17 percent of the total debt profile. Under the World Bank Group, Nigeria owes the International Development Association about $14 billion and the Int'l Bank for Reconstruction and Development about $485 million.
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