{"id":26065,"date":"2018-09-04T12:49:36","date_gmt":"2018-09-04T11:49:36","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=26065"},"modified":"2018-09-04T12:49:36","modified_gmt":"2018-09-04T11:49:36","slug":"nigerias-external-debt-rises-by-11-77-billion-in-3-years","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigerias-external-debt-rises-by-11-77-billion-in-3-years\/","title":{"rendered":"Nigeria\u2019s External Debt Rises By $11.77 Billion In 3 years"},"content":{"rendered":"

Nigeria\u2019s external debt commitment rose by $11.77bn in the last three years, investigation has shown.<\/p>\n

According to debt statistics obtained from the Debt Management Office, the country\u2019s external debt rose from $10.32bn in June 30, 2015 to $22.08bn as of June 30 this year.<\/p>\n

This means that the country\u2019s external debt commitment has grown by 114.05 per cent in the last three years.<\/p>\n

Although multilateral debt made up $10.88bn or 49.28 per cent of the country\u2019s external debt profile, most of the increases in the last three years occurred in the area of commercial loans.<\/p>\n

According to the DMO, commercial foreign loans, which stood at $1.5bn as of June 30, 2015, had risen to $8.8bn as of June 30 2018. This means that in the last three years, the country\u2019s exposure to commercial foreign loans has risen by $7.3bn or 486.67 per cent.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

With a commitment of $8.47bn, the World Bank is responsible for 38.36 per cent of the country\u2019s foreign portfolio.<\/p>\n

Apart from the World Bank Group, Nigeria is also exposed to some other multilateral organisations such as the African Development Bank with a portfolio of $1.32bn and the African Development Fund with a portfolio of $843.47m.<\/p>\n

Photo Caption: DMO LOGO<\/em><\/strong><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s external debt commitment rose by $11.77bn in the last three years, investigation has shown. According to debt statistics obtained from the Debt Management Office, the country\u2019s external debt rose from $10.32bn in June 30, 2015 to $22.08bn as of June 30 this year. This means that the country\u2019s external debt commitment has grown by …<\/p>\n","protected":false},"author":6,"featured_media":26066,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17],"tags":[4428],"coauthors":[2391],"class_list":["post-26065","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","tag-external"],"yoast_head":"\nNigeria\u2019s External Debt Rises By $11.77 Billion In 3 years - National Wire<\/title>\n<meta name=\"description\" content=\"Nigeria\u2019s external debt commitment rose by $11.77bn in the last three years, investigation has shown. 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