Nigeria’s total debt now $27.665bn as at March 2020

Nigeria’s external debt as of March 31, 2020, stands at  $27.665 billion, the Debt Management Office (DMO) of the Nigerian Presidency has revealed.

This figure is contained in a letter dated August 12, 2020 by the Head, Debt Recording and Settlement Department, Muraizu Nwankwo on behalf of the Director General DMO sent  to activist lawyer, Femi Falana (SAN) in response to his request for information on the nation’s external loans of $76 million.

Falana, had in a letter dated August 3, 2020, and in line with section 1 Freedom of Information Act, 2010 given the DMO seven days to supply information on loans taken from foreign countries and institutions by the government.

Part of The lawyer’s request stated thus: “We have confirmed from the statement issued by your office on or about June 20, 2020, that as at March 31, 2020, Nigeria had taken loans worth $79.3 billion from foreign countries and institutions.

“It was also disclosed that the said Chinese loan represents only about 3.94% of Nigeria’s total public debt of $79.303 billion as of March 31, 2020.

“In view of the details of the Chinese loans of $3.1billion which have been made to members of the public in the said statement, we hereby request for information on the remaining foreign loans totalling $76 billion and other loans that have recently been incurred by the Federal Government,” it added.