Nigeria owes China N1.43 trillion, each Nigerian owes China N7,000

The news of China taking over Uganda’s Airport stirred heated reactions from Nigerians as many fear similar fate awaits Nigeria.

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Although details of Nigeria’s agreement with China is publicly not available, DMO data shows Nigeria is indebted to five countries worth over N1 trillion.

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As expected China accounts for the highest debt stock by countries and the debts were obtained through bi-lateral agreements.

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As of the end of June 30, the Nigerian government owes N1.75 trillion ($4.25bn) to five countries out of which N1.43 trillion ($3.48bn) representing 81.98 percent are to China.

This is according to data obtained from the Debt Management Office (DMO) website the body in charge of debt statistics in the country.

The debts to countries were reached through various bilateral agreements with the countries’ lending institutions.

According to DMO data, Nigeria has a total foreign debt stock of N13.71 trillion ($33.46 billion), which comprises money borrowed from countries and international organizations via promissory notes, Eurobonds, and diaspora bonds.

How much is Nigeria owing countries
Through Exim Bank of China, Nigeria owes China $3.48 billion, which is as earlier stated, N1.43 trillion using an exchange rate of N412/$.

While Nigeria borrowed from France through Agence Francaise Development the sum of $482.15 million(N197.62 billion).

From Japan, through Japan International Cooperation Agency, $74.77 million (N30.64 billion) was borrowed.

Through the Exim Bank of India, Nigerian owes India $34.59 million (N14.17 bn) and Gemany it was through Kreditanstalt Fur Wiederaufbua $174.39 million(N71.48bn).

How much are Nigerians owing each country?
In terms of debt per capita which is calculated as the total public debt of a country divided by the country’s population, each Nigerian is currently owing China at least N7,000. The population figure used for the calculation is 200 million, as there is currently no official figure.

List of loans borrowed under Nigeria’s 4 presidents Legit.ng had earlier reported that President Muhammadu Buhari stirred heated reactions from Nigerians when he tabled a fresh request for the approval of another set of loans before the Senate.

The Nigerian leader sought approval from the National Assembly to borrow $4,054,476,863.00, €710 million, and a grant of $125 million.

Many Nigerians are against the borrowing spree of the current administration as it seeks to provide more infrastructure amid dwindling revenue.

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